It's a half-truth. The magazine claims the title isn't an exclusive, but a timed exclusive. If those who really want to play the game can wait the extra year, they'll get their Bioshock on the PS3. 2K Games will bring the title to all other consoles after a while on the 360. Are we excited? Sure. We aren't quite sure how long the exclusive will last on the 360, but estimating from other titles, it can be anywhere from a few months to an entire year. We'll keep you posted on the validity of these reports as they turn up.
[Thanks to everyone who sent this in!]
[Update: 2K Games has decided this rumor just ain't true, folks. For now. We've still got hope for an eventual port, however.]