Just got out - more details later, but these are the basics.
[Update: Is PS3 the early winner in the console battle?]
Launch Spring 2006
Backwards compatibility
Blu Ray
Cell Processor
NVIDIA graphics – RSX @550mhz. Up to 1080 progressive scan
256mb RAM
Detachable 2.5 hdd slot
6xUSB
Mem stick and SD!
HDMI x2 output
Gigabit Ethernet
Built in WiFi b/g
Bluetooth up to 7 controllers
Movies, video, photos, internet access
Games shown included a stunning looking Killzone and a new shooter called the Killing Way. These two impressed the most as they were clearly in real-time. Graphically a huge step forward, although same genres - shooting, driving, fantasy - featured heavily.
Pic taken by me so a bit basic..more images later.