I do not know if WOHD can be considered an "AAA" title, in the different meanings of the word. I do not know what budget was invested in, so maybe I am far off on the financial side.
Not to knock SL off, as I think the game is fine and with a good level of "polish", but I wouldn't say the content of the game is "AAA". Yeah, they could have easily put the game on a disc and sell it for 50-70€ and it wouldn't be a ripoff. For 20€, I think the actual value of the game is excellent. But I'd say we are far off what is actually considered an AAA game content-wise. The game is "only" 8 tracks (and an half, with reverses), online play is very basic. When the Gran Turismo game is gonna be released ( 2015 maybe?), there will be way more than 8 tracks and 12 vehicles.
So again, not a way of knocking the game, I do think it is very good and that SL did a wonderful job. Magnificent graphics, absolutely awesome artistic direction, great sound, good game. But it has a "limited scope" compared to something like GTA, Gran Turismo of MGS4 (as far as comparing apples and oranges go).
My opinion is that WO is somewhat a "niche" game although it is part of the "Playstation brand" and that WOHD obviously serves as a forefront image -for Sony, for the HD graphics of the PS3, for the PSN-. But maybe Sony and SL think differently, I cannot really tell...