According to the article, development of the game has progressed well thus far, and the title will actually be playable at this year's E3. The only detail of the game known so far is that it will have an online component where up to 14 people can race it out. Interestingly, a new Ridge Racer title has been available at the launch of the three previous Sony consoles (including PSP), and happened to be the primary culprit when faults in the consoles were being ratted-out.
Given that it will be playable at E3, some of our attendees may be able to get some hands-on time with the game. If you want to check out some scans of the game, click here.
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