According to Kotaku,

Everyone can let their deep breath out, Time Crisis is officially coming to PS3 according to Famitsu. The PS3 version will feature an AC mode that will be a picture-perfect twin version of the arcade game. A third version of the lightgun (Guncon 3) for the game is in the works, which will hopefully fix the compatibility issue between the gun and LCD televisions. See? Everything’s going to be just fine.

Source

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