No word of a lie. It was shown to the press this weekend in London, as you can see on Arcade Heroes. According to the site, the new arcade game was developed alongside the recent Sega Rally at the now defunct Racing Studio in the UK, and shares a lot of assets with the console game, including art and music.
From the piece:
Sega Rally 3 runs on the brand new and extremely powerful Europa-R board, which sports a dual core Intel processor, 4 gigabytes of RAM and an 8800 series NVidia graphics chipset. This allows the game to run at 60 frames per second at a 720p resolution, as opposed to the 30 frames per second of the console game. I’m used to the X360 version of the game, and played the PS3 version for a quick comparison. The difference is actually quite staggering, and the higher framerate allows for the design of the game to really shine through - from blue skies and sandy beaches to little flourishes like a rocket launch in the Canyon stage. I really would go so far as to say that it is the best looking arcade game that I have yet seen, and that includes Sega’s own efforts on the Lindbergh board.
There are details impressions and photos through there. Take a look.