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Lots of news about the upcoming Sony Playstation 3. Here's some links:
http://news.com.com/2100-1040-866288.html http://www.ps3insider.com/
Recent specifications that we farly know at the moment:
+Most probably, the fixed date of release is 2005.
+Playstation 3 would work over superfast fiber optics connections
+Cell's architecture is likely to replace the traditional game console graphics processor model, for the PS3.
+a "supercomputer-on-a-chip" for the PS3.
+The name for the technology is "grid" (formerly called "cell") and appears to be targeted squarely at the possibilities of parallel and distributed computing over the internet.
+PS3 1000 times faster than the PS2.
+Will be built using a 65-nanometre process and 300mm silicon wafers.
+ Playstation3 will need memory with incredibly high speed and tens-of-gigahertz bandwidth.
+PS3 chip has so far completed, with a "supercomputer capabilities".
+Games will be far much better than PS2 (of course

)
+Console casing is in the making. Numerous of original prototypes.
+Rumours: Price probably would be triple than the PS2 (?)
+Cell will boast a multicore architecture, in which a single chip may contain several stacked processor cores.
I have copied and paste some of the known specs available. If there are new ones, please share those here