Basically, it's a simple approach that combines Havok physics with a big human-sized slingshot. You load up your player and launch him into a situation that causes the most pain, whether it be slamming into a moving car, hitting a propane tank (that promptly explodes, natch) or crashing through plate-glass windows. You can interact with the environment in a ton of different ways and in multiple (and curiously named) gameplay modes such as HORSE, Spank the Monkey, and Mime Toss.
The game will also feature user-generated content (there's no escaping Game 3.0!) in the form of game replays that you can upload to the web, and possibly to YouTube, all directly from your console. They haven't announced a price point yet, but the developers told us it would be "reasonable." This title was a surprise hit at the Sony Gamers Day, so look for our hands-on with it soon.