I just got done watching Sony's E3 press conference. The big deal with the whole thing came in the last 20 minutes or so.
First off - they ripped off Nintendo with a motion sensor controller. It looks just like your regular PS2 controller, but it's wireless and can sense movement.
Second, it'll hit stores on November 17th with 2 versions.
The "Core" system - a 20 gig hard drive for $499
The "Platinum" system - a 60 gig hard drive for $599