We know that Activision dissolved the Guitar Hero division of their company last week, as well as canceling any Guitar Hero games for 2011, but how dead is the franchise, really? That's a topic for debate. You'll still be able to play a new version of Guitar Hero on the just-announced Xperia Play phone.
Although Guitar Hero was mentioned as one of 50 games that will be playable in the phone's launch window, no details on the new version of the music game were revealed. If I were you, I'd expect it to be a port of an older Guitar Hero games as opposed to something new.
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If they are planning on a port of the older Guitar Hero games on your phone, you have to wonder how you'll interact with it. After all, the Xperia phone is pretty cool, but it doesn't come with a built in plastic guitar controller.