Now before I begin, I just want to be perfectly clear, the system is NOT out in America as of this writing.

The PlayStation 3 will be coming out November 17th, 2006 in the United States at most major retailers. It has 2 version - a regular version that will cost $499.99 and a premium edition that will cost $599.99.

Both solutions include Blu-ray Disc the latest in high-definition* video, Bluetooth, four USB ports, 1080p video, HDMI, and the advanced microprocessor, the Cell Broadband Engine™.

The difference between them, however, is that the $599.99 version includes Memory Stick/SD/CompactFlash slots, Wi-Fi, and a 60GB hard disk drive (HDD), whereas the cheaper system comes with a 20GB HDD.

It will be able to play all PlayStation 1 and 2 games. So if you are looking to get rid of your old system, all you need is the PlayStation 3 to play all your favorite old games.

Sony's online service will be completely free, and has a marketplace to buy music, and updates for games. However, no one is sure yet if developers for each game will charge for online or not. Same goes for other online capabilities.

The major competition includes Xbox 360 and the Nintendo Wii. Each system seems to cater to a different crowd, so I highly advise looking over each product before purchading your 1 video game system. The Xbox 360 focuses on online capabilities, and is a video game system that can be upgraded to HD-DVD player, while the Wii is user friendly and is focusing on innovation rather then graphics. The 360 also has an achievement system, and will feature a marketplace to download movies, television, music, and updates to games.

So, do your research, and best of luck to everyone on getting a PS3 if you decide that is what is best for you.