No, they're making PS3 games for the PS3.
It's "definitely" coming to the states, according to the developers, but they haven't gotten a US publisher or anything, so it may be some time.
Importing it is possible but there is a bit of dialogue and things that wouldn't be possible to figure out without help from a guide (none exist currently but some specific details are explained on the GameFAQs message board). For example: to get the fourth spell, you have to talk to an NPC in an inn, hit her three times, talk to her again, hit her again, and then talk to her.
There are lots of random people who give you yes/no questions that we haven't figured out what for yet (usually arrow upgrades, etc.).
The guy I live with knows some Japanese, so that helps, but most of the menus and such can be figured out by trial/error, if you're into that. It may be worth waiting for the local release, though. There are multiple towns with multiple people in each, and lots of little secret caves.
Essentially it's like playing a new version of an old game--like a re-done version of Link to the Past--like a LttP ROMhack--WITH ASH FROM EVIL DEAD.
(actually the loading screens in the game are based on old video game covers and such (
http://www.gamesetwatch.com/2009/10/...oading_scr.php ), and one of them is totally Ash)