Rock Band Unplugged, as it's titled, is currently in development at Backbone Entertainment (Super Street Fighter II Turbo HD Remix, 1942: Joint Strike) and will mark the third release in MTV Games and EA's burgeoning series of music video games.
The game will ship with tracks from Blink 182, Boston, AFI, Kansas, Lit, and The Police. DLC tracks will be made available through the PlayStation Network and can be accessed through the game's own built-in store. Multiplayer functionality will not be available. Visually, the style and feel of Rock Band is maintained perfectly, with only a drop-off in the polygon count.