According to an article at IGN, Sony's Playstation 3 console will support HDMI 1.3. Recently finalized, the new 1.3 spec features 48-Bit color and "lip sync support" which will automatically synchronizes audio and video tracks.
The new 1.3 spec HDMI standard will be incorporated in the PlayStation 3. Ken Kutaragi, president and group CEO of Sony Computer Entertainment, applauded the 1.3 spec finalization, saying "PlayStation3 will be the most advanced computer platform for enjoying a wide range of entertainment content, including the latest games and HD movies, in the home. By introducing the next-generation HDMI 1.3 technology, with its high speed and deep color capabilities, PS3 will push the boundaries of audiovisual quality to the next level of more natural and smoother expression on the latest large flat panel displays."

Assuming game developers choose to take advantage of 36- and 48-Bit color, the ability to output such a broader color spectrum could give the PS3 a solid technologic advantage over the Xbox 360, which will not be able to transmit such signals over component cables. If the promised, but still not officially announced, Xbox 360 DVI wire comes out, it too will not have the bandwidth to carry the high-Bit color that HDMI 1.3 supports.
If you'd like to read more, the entire article can be found here.