No, Galoob hasn't returned – the new Game Genie is a USB cheat device for PS3 produced by Hyperkin. It allows users to transfer game saves to a PC, edit them using pre-programmed edits from a database, and then return the saves to PS3 – for the usual benefits of extra money, ammo, experience, etc. "Popular games that will have modifications at release are Uncharted 3, Batman: Arkham City, Final Fantasy XIII-2, and The Elder Scrolls V: Skyrim," the company notes.
Of course, since the days of ubiquitous cheat devices, there have been some significant changes in the game landscape. During E3, a Hyperkin representative told Joystiq that none of the premade cheats would be usable in multiplayer, and that Hyperkin would routinely remove any that were, in order to avoid cheaters using the Game Genie for online play. But for your own single-player games? Go nuts!