I saw the deal they showed here on MTV. Not a whole lot on the technical side. Actually, the show was pretty lame, but the footage they had from the different games was amazingly impressive.
I dont' know anything about what PS3 will be capable of, but I think this is going to be one console that will be able to seriously challenge PC gaming.
At this point, my PC is fast enough to do most of what I want to do, although I'm sure it doesn't have the power to play the latest games at decent resolutions. Depending on the price of the new Xbox (I'm almost afraid to know, that could be the fly in the ointment with this one) I might seriously consider one of these instead of a future PC upgrade.