Yes, it's happening, as SEGA announce here. This will be the full version for the PlayStation 3 and Network (PSN), rather than the technically more restricted 'f' (lower case!) version for the PS Vita. With 38 songs, over 90 costumes and 100-plus accessories, there's lots to play for (and just to play) in the now-classic game in its latest incarnation.
I have to admit that I am tempted myself, even though I don't (yet) have a PlayStation, and despite my encroaching age and health related physical limitations. I have until August to make even a preliminary decision (if I want to be one of the first in the USA and Europe to get this), so there's no desperate rush; but it does sound very interesting!