Sony's upcoming Playstation3 is no doubt surrounded with a lot of Hype , and why not ? It's Cell processor has NINE cores to give extremely smooth frame rates.EIGHT of these processors perform the general purpose work thus, increasing the degree of Parallelism to great extent.In layman's terms, it means doing many things at the same time.Definitely, a boon for games rich in multimedia content.

Microsoft will be facing stiff competition from not one but THREE companies - Sony,Toshiba,IBM - whose collaboration is the result of PS3.Microsoft's only advantage would be it's price and it's early entry to the market. Many of the gamers wanted PS3 as Christmas gifts in 2006 in the U.S,but the PS3 units were sold out lightning fast , and were over 10-15 days before Christmas.Have to wait and watch if they can hold on when PS3 releases worldwide?

Besides,10 reasons to be patient for PS3 are:
Reason #10: No Killer App at Launch
Reason #9: Dual-Screen and 1080p Support
Reason #8: Hefty Expandability / Connectivity Options
Reason #7: You Can Still Pre-Order
Reason #6: Seven-Player Wireless Support
Reason #5: The HD IP Camera
Reason #4: Almost Total Backwards Compatibility
Reason #3: Stronger Japanese Developer Support(they make some of the best games)
Reason #2: Metal Gear Solid 4: Guns of the Patriots
Reason #1: The Blu-ray Player

the following URL describes 10 reasons in detail : http://ps3.ign.com/articles/668/668446p1.html