Just in time for the Formula One season launch (just in, Raikkonen on Ferrari has Pole for Grand Prix tomorrow), Ferrari and game developer System 3 announce a Ferrari licensed racing game for the Sony PS3 and other platforms.

The game is not featuring Formula One, but is supposed to be based on the Ferrari Challenge. The Sony PS3 version is supposed to support 16 live multi-player simultaneously.
A first preview version of the game is supposed to be shown in June at the Ferrari headquarters in Maranello.
System 3 also has the rights to publish a Ferrari game on other platforms including the Wii, Nintendo DS and Sony PSP.
More details on IGN.

Screen-shots of the System 3 Ferrari game are supposed to be available on April 15th on this site.