That is not accurate either, at least far as the signal that is on the HDMI cable.
3D Games are 720p Frame Packed - Frame Packed is different than frame sequential. Frame Sequential is when a full (but standard size) frame is delivered which is the frame for one eye; then it is followed by another full (but standard size) frame for the other eye. For 720p the full frame will be 1280 columns x 720 lines.
Frame Packed (in 720p) is one supper sized frame of 1280 columns x 1470 lines. In the 1470 lines, there are two sets 720 lines that are the information for each eye plus a separation in the middle of 30 lines which has other information. In a sense, it is a supper sized Top/Bottom frame.
VUDU is delivered from the internet to the receiving device in Frame Compatible. Depending on the receiving device’s (in this case the PS3) capability however it can be HDX = 1920 x 1080p, HD 1280 x 720 or maybe even lower like SD 720 x 480p. None of these are Frame Packed because internet bandwidth is at a premium. I know that on my TV that has VUDU and supports VUDU 3D I often can select between HDX and HD for the VUDU 3D movies.
Frame Compatible is standard sized full frame divided into either Top/Bottom or Side-by-side. For Top/Bottom each half of the frame is one eye view and only one half of the lines for that view. For Side-by-side again each half of the frame is one eye view and only half of the columns for that view. The decoding device then separates the two frames and, if required, interpolates the missing information for each eye view.
What the PS 3 does with the VUDU when it receives the signal, before it puts that signal on the HDMI cable, might change (I do not have the details of that). The PS3 might convert the Frame Compatible to Frame Packed or it might keep the signal Frame Compatible.