Activision first announced Guitar Hero: Greatest Hits back in early March. The box art for the game has now revealed that the game has been renamed Smash Hits. No word from the publisher about the reasons behind the name change.

Smash Hits will be a compilation of the “most famous and infamous tracks” from I, II, Rock the 80s and III. It will include online and offline modes including Band Career and 8 player Battle of the Bands. It will also feature GHTunes, the Music Studio that enables players to compose and share their own music, and the Rock Star Creator gameplay modes first introduced in Guitar Hero World Tour. The game will offer various difficulty levels, ranging from Beginner (first seen in Guitar Hero World Tour) to Expert+ (introduced in Guitar Hero Metallica).

Greatest Hits will also add a few new features to the mix, updated note tracks and new gameplay for the drum controller and microphone. Players can also look forward to eight new venues based on the wonders of the world, including the Amazon, Polar Ice Caps and the Grand Canyon, as well as other familiar Guitar Hero locations.

The game will feature 48 master recordings but so far we only have confirmation of eight of the songs including “Them Bones” by Alice in Chains, Queen’s “Killer Queen,” “Nothin’ But A Good Time” by Poison, Rage Against The Machine’s “Killing in the Name,” “I Wanna Rock” by Twisted Sister, Joan Jett and The Blackhearts’ “I Love Rock N Roll,” Heart’s “Barracuda” and Dragonforce’s “Through the Fire and Flames.”

Guitar Hero Greatest Hits will be available on the PS3, PS2, Wii and Xbox 360. The game is currently in development at Beenox Studios and is scheduled to be released in summer 2009.

Check out our previous coverage for screenshots and the debut trailer of the game.