So today I finally got my replacement guitar from EA after requesting for an RMA on Nov. 21st. I could live with the delay, as the drums are consuming my time well as I wait (damn they are fun). Also I will be getting a free game from EA because of my delay troubles 
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Anyways onto the guitar. It is definantly a little different.
1. The fret buttons are way more clacky sounding. These frets are loud. This makes the fact that, compared to a GH guitar controller, making the silent strum bar on the Strat completely pointless. My only disappointment with the new guitar
2. The strum bar (which was the problem with my launch guitar) is actually a little improved. It seems that the strum bar has a little more resistance to it. All in all it feels less breakable.
3. The Rock Band guitar dongle is different also. The first one I had used a sticker to label it as a Rock Band dongle. This the writing is also part of the plastic. Not too important, just wanted to let you know.
My new guitar works like a charm, and I don't have any problems.
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Now about PS3 guitar compatibility. Harmonix announced in their Rock Band community forums this following post.
"Hey everybody,
Good news, see below (this patch should be available quite soon, maybe even up now as of this posting)-
Available today is a routine update for the PLAYSTATION 3 version of Rock Band that addresses a number of items related to guitar controller compatibility. Should Rock Band owners choose to obtain the update, they will need broadband internet access connected to their PLAYSTATION 3. The update will be downloaded once the game is started.
Enjoy,
Sean"
Source
This is good news as it seems we can finally use GH guitars on the game. I haven't heard of the patch being released yet, but this is confirmation that it is coming. PS3 owners of rock band can now finally create and enjoy a quartet band.