Found this little snip at gamers.com:

Although it had previously been revealed by developer Argonaut, Sierra made it official today that its Sierra Entertainment division will publish the platform game Malice for the PlayStation 2 this fall. The game, which was previously announced as an Xbox exclusive, was added to the PS2's roster when Sierra picked up the publishing rights last year....

Heres the kicker:

While Argonaut claims that both versions will look similar, the PS2 version is said to feature some enhancements over the Xbox version.

The question as posted in the subject if anyone can answer: what do they really have that we don't??