Bungie have already been hiring for Playstation 3 programmers for a while, so im not sure I believe the first title wont be multiformat. I also think its weird that Bungie would accept terms and conditions that state that "no more than 5% of the workforce can blah blah blah", seems quite limiting to a company which values its independence so much. Im willing to bet 5% of Bungies workforce is minuscule even compared to the team that made ODST and that kind of clause seems rather stupid to make, Activision would be smarter than to potentially allow the best most talented, top 5% of the studio to not work on Destiny.
Im not sure I believe it, If its true im not sure I like it, a game every other year with an expansion every other year is a lot of content, what happened to 3 year development cycles to really make a good product?