The game is due out in November, will track down format info, but surely if you shrink down any game, it really should be a handheld title too. There's an official site link, but it doesn't appear to be live yet. Here's the press release, says PC, Xbox, PS3, what are Codemasters, total muppets?
Coming this holiday season for the Xbox 360® video game and entertainment system from Microsoft, PLAYSTATION 3 computer entertainment system and PC, F1 RACE STARS is now in production at Codemasters Racing Studios in Birmingham, UK. It will deliver formula fun on every straight, hairpin, jump and loop-the-loop with super-fast racing and a range of power-ups for players to collect and deploy as they sprint for the chequered flag ahead of their rivals. F1 RACE STARS will take players on a world tour of iconic F1 locations, including Monaco, Silverstone and the new Circuit of Americas in Austin, Texas, recreated as fantastical racing circuits built for speed and wheel-to-wheel competition. Friends and family can share the fun too; F1 RACE STARS will deliver 4-player split-screen racing and 12-player competition alongside an extensive career mode featuring a number of Championships.