The PSP version of ModNation Racers will support all of the same creative tools as the PS3 version, the only difference will be scaled-down graphics. You will still be able to create custom racers, cars and tracks and share them with the community. Then go online and race against the best!
I'll definitely look forward to checking this game out on PSP. I'm glad Sony is finally focusing some first party support on their portable console.
There is no concrete release date yet, but we've heard rumors that ModNation Racers will release on both systems early this summer.