According to Surfer Girl, the potential decision to cease all funding may have come from Team Bondi's inability to meet deadlines. If the funding has in fact been stopped, there would be nothing stopping a release of the title on Xbox 360 as well -- if the title ever actually gets released. SCEA was the only source of funding for the game's development, meaning rough times could be ahead for the team if this rumor is true.
Surfer Girl also supplies a few more (possible) details about the title. The soundtrack is comprised largely of jazz music, and is comparable to GTA in terms of quantity. The developer hopes to fill the 1940s Los Angeles with a variety of NPCs, each entirely unique and featuring unique personalities and knowledge. The game's core mechanic comes from detective work, of which reactions are reportedly mixed. It all sounds very interesting, to be sure. We wonder if it'll ever see the light of day.