Release Date (UK)
November 2006

Features
Blu-Ray disc format

2.5" removable HDD (160 GB)

Supports many media formats, including CD-ROM, CDR+W, DVD, DVD-ROM, DVD-R, DVD+R

Media slots for Memory Stick Duo, SD and Compact Flash

6 USB ports

GB Ethernet and wireless support

PSP to interface with PS3, wirelessly

Will be backwards compatible with the PS1 and PS2

Can support up to 7 Bluetooth wireless controllers

CPU is Cell Processor running at 3.2 Ghz, with 2.18 teraflops of performance
The nVidia powered graphics called the RSX ("Reality Synthesizer"), which will support a HD display up to 1080p

512 MB of combined RAM, broken into 256 MB XDR main RAM at 3.2 Ghz and
256MB of GDDR VRAM at 700mhz

Will support digital audio, video, photos, internet access, video chat

Launch titles include Metal Gear Solid 4, Grand Theft Auto 4

Spec
CPU:

Cell Processor
PowerPC-base Core @3.2GHz
1 VMX vector unit per core
512KB L2 cache
7 x SPE @3.2GHz
7 x 128b 128 SIMD GPRs
7 x 256KB SRAM for SPE
* 1 of 8 SPEs reserved for redundancy
total floating point performance: 218 GFLOPS

GPU:

RSX @550MHz
1.8 TFLOPS floating point performance
Full HD (up to 1080p) x 2 channels
Multi-way programmable parallel floating point shader pipelines

Sound:

Dolby 5.1ch, DTS, LPCM, etc. (Cell- base processing)

Memory

256MB XDR Main RAM @3.2GHz 256MB GDDR3 VRAM @700MHz

System Bandwidth:

Main RAM 25.6GB/s
VRAM 22.4GB/s
RSX 20GB/s (write) + 15GB/s (read)
SB< 2.5GB/s (write) + 2.5GB/s (read)

System Floating Point Performance:

2 TFLOPS

Storage:

Detachable 2.5" HDD slot x 1

I/O:

USB Front x 4, Rear x 2 (USB2.0)
Memory Stick standard/Duo, PRO x 1
SD standard/mini x 1
CompactFlash (Type I, II) x 1

Communication:

Ethernet (10BASE-T, 100BASE-TX, 1000BASE-T) x 3 (input x 1 + output x 2)
Wi-Fi IEEE 802.11 b/g
Bluetooth 2.0 (EDR)

Controller:

Bluetooth (up to 7)
USB 2.0 (wired)
Wi-Fi (PSP)
Network (over IP)

AV Output:

Screen size: 480i, 480p, 720p, 1080i, 1080p
HDMI: HDMI out x 2
Analog: AV MULTI OUT x 1
Digital audio: DIGITAL OUT (OPTICAL) x 1

Disc Media:

CD PlayStation CD-ROM, PlayStation 2 CD-ROM, CD-DA, CD-DA (ROM), CD-R, CD-RW, SACD, SACD Hybrid (CD layer), SACD HD, DualDisc, DualDisc (audio side), DualDisc (DVD side)
DVD: PlayStation 2 DVD-ROM, PlayStation 3 DVD-ROM, DVD-Video, DVD-ROM, DVD-R, DVD-RW, DVD+R, DVD+RW
Blu-ray Disc: PlayStation 3 BD-ROM, BD-Video, BD-ROM, BD-R, BD-RE

Software in Development

Devil May Cry 4
Capcom's devil killer, Dante, will make his triumphant next generation debut on the PS3 sometime in 2006. Details are unkown at this time but you can bet this next installment will feature more insane combos, huge boss battles and firepower that would make a Solider of Fortune magazine subscriber wet his pants out of sheer joy.

Killzone 2
The original Killzone on PS2 was touted as a Halo killer. While it succeeded in pushing Sony's five year old system to its physical limits, the gameplay was somewhat uninspired. By all accounts Killzone 2 could be a Halo 3 killer, especially if what we saw at E3 was ingame action. Keep your eyes on this one.

Tekken 6
Namco's insanely popular fighting game has captivated gamers both in the arcades and at home for a decade now. With each subsequent release the Tekken franchise continues to redefine the fighting genre and we expect no less from Tekken 6. Visually the game is pure eye candy and we already know that Namco always delivers in the gameplay department.

Visual Gran Turismo
Take one CG sequence of Gran Turismo running on the PS3, mix in a sequence from the Spider-Man 2 movie and what you get is the realization that the PS3 really has some serious muscle under the hood. The shots we've seen of VGT have blown us away. Don't hold your breath for this one as a launch title though. We have a feeling it's a long way away.

Other Games In Development
Final Fantasy XII, The Getaway 3, Unreal Tournament 2007, Quake 4, Warhawk, Fifth Phantom Saga, Ni-Oh, Motor Slam, Eyedentity, Formula One, Spider-Man 3, Heavenly Sword, Fight Night PS3, Red Dead Revolver, God of War 2 and many more to be announced