see the info here:
http://arstechnica.com/news.ars/post/20050516-4912.html
Backwards compatibility with the Playstation and Playstation 2
Support for Blu-Ray, DVD, CD-ROM, CDRW, DVD-ROM, DVD+R, and DVD-R formats.
Storage options include a 2.5-inch removable hard drive, SD, Memory Stick Duo, and compact flash.
Connectivity options include Bluetooth (for the controllers), 802.11b (for PSP connectivity), Gigabit Ethernet, and USB 2.0
The Cell processor will run at 3.2GHz (same as the Xbox's 360's Xenon CPU)
Main memory is 256MB of RDRAM, and the machine will also have 256MB of 700MHz GDDR VRAM. (Compare the Xbox 360's single pool of 512MB of GDDR 3 DRAM.)
Video output can go as high as 1080p
nana