This PS3-only version adds material not found in last year's Japanese PS3 release of No More Heroes: Heroes' Paradise, including PlayStation Move compatibility, and five bosses from No More Heroes 2. It also restores the full CERO Z rating. The Japanese PS3 release was cut down to fit a more generally acceptable D rating.
All of this material is included in Konami's upcoming Western release of Heroes' Paradise, but Red Zone also reportedly includes ten missions that were cut from the original Wii version. This could be exclusive content -- or it could just be a bonus that Konami hasn't told us about yet! We're asking the publisher now.
Update: Konami told Joystiq that this is the same version we're getting in America.