Sony’s video delivery service, which not only lets you rent and buy movies but also put them on your PSP, launches tonight.

Sony’s video delivery service will offer television programming and movies for rental at prices ranging from $1.99 for tv shows up to $5.99 for movies. You can even purchase movies to keep on your PS3’s hard drive, if you like, for $14.99. Programs from partners like Fox, MGM, Lionsgate and of course Sony Pictures will be available in either high or standard def.

You can also transfer the content you purchase to your PSP, either via your PS3 or PC. Even if this option is limited to the content you purchase to own – which seems likely – it’s still a phenomenal feature. (Are you listening, Microsoft?)

Sony’s Eric Lempel walked us through a quick demonstration of how you would go about actually purchasing the video content from the PlayStation Network, and it’s really pretty easy. Just go to the store the same as you would if you were purchasing game content, hit the new “Video” tab, and voila – you’re in the video store.

I’m several thousand miles away from my PS3 so I won’t be able to give this a try tonight. If any of you give it a go, please let us know how well it worked for you.

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