Sony finally did it. They're officially copying Smash Bros. "PlayStation All-Stars Battle Royale" is the name of Sony's Smash Bros. clone. The game features dozens of 1st-party Sony characters (and presumably a few 3rd-party ones too) battling it out in franchise-specific arenas.The game is being developed by outside company SuperBot Entertainment (I've never heard of them).As you can see in the screenshots, the game looks like a direct clone of Smash Bros., except characters have life bars instead of hit percentages.
More info can be found at:
http://www.joystiq.com/2012/04/27/playstation-all-stars-battle-royale-smashes-through-the-playsta/