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You definitely don't need to know anything about the old PlayStation 1 Warhawk game to play this one.
The real story of Warhawk isn't about the epic conflict between two opposing sides. It's about how this game has been made available. If you want it immediately, it's a downloadable purchase from the PlayStation Store for $39.99. If you're desperately in need of more things to put on shelves, or if you want a voice-chat device, you can buy the game in stores for the standard $59.99 in a package that comes with a wireless headset, some behind-the-scenes video, and a full manual. There's no functional difference between the two games, so it really comes down to personal preference. The downloadable version does not come with instructions at all, which is sort of messed up. Other games on the PlayStation 3 have had Web browser links built in to load up offsite manuals and things like that, but Warhawk has none. So the only way you'd know that you need to push the L3 button to talk or find out about the zones mode is to fumble around for yourself or go to Sony's site, where it has a downloadable manual available. But even that manual, which comes in the box with the retail version, doesn't explain everything, such as some of the terms used in the ranking screen.