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If you know anything about Bioshock’s terrible past on the PS3 [being released nearly a year after the initial development and having several graphical issues], then you’re probably leery of the upcoming Bioshock Infinite. Thankfully, Bioshock developers have announced that there will be a simultaneous development of both PS3 and Xbox360 versions, as well as simultaneous release dates. Developers stated that this decision was made due to a much larger staff than with the original titles, and a desire to not work with 3rd party developers as they did with the original PS3 development.
Source: Joystiq