Sony has announced the Playstation 3 will launch in North America on November 17, 2006. Available in two versions, the console will come with either a 20GB ($499) or 60GB ($599) hard drive.
Sony Computer Entertainment America (SCEA) announced today that it would launch PLAYSTATION3 (PS3) in "Clear Black" in North America on November 17, 2006, as part of a worldwide simultaneous launch.

PS3 is the most advanced computer system that serves as a platform to enjoy next generation computer entertainment contents in the home, realized through the combination of Cell and RSX processors, in addition to the playability of a vast catalog of PlayStation and PlayStation2 software titles. Having Giga-bit Ethernet and a pre-installed hard disk drive (HDD) as standard in PS3, users will be able to download a variety of contents as well as access on-line games and services over the network.

Equipped with basic input/output ports, PS3 supports a broad range of displays from conventional NTSC/PAL standard TVs to the latest full HD (1080i/1080p) flat panel displays, offering the joy of the most advanced computer entertainment contents to homes around the world. For use in living rooms, maximum heat and noise reduction has been achieved with a noise level equivalent to that of the current slim-line PlayStation 2.

With the overwhelming computational power of the Cell processor, PS3 is capable of playing back content from Blu-ray (BD) disc at a bit rate of multiplex 48Mbps with ease, the maximum bit rate defined in BD standards.
According to DailyTech, the PS3 can connect to the PSP and will have an online service that is completely free. If you'd like to read more, Sony's press release can be found here.