Sony's press conference yesterday revealed the price point of the PS3 ($499 for the stripped-down version; $599 for the high-end). Beyond the sticker shock, the other big shock was the controllers' inclusion of Wii-style movement tracking.
Perhaps most shocking was Sony's arrogance. SCEA president Kaz Hirai's comment that "The next generation doesn't start until we say it does" reveals a contempt for his competition which would be admirable, except that it's foolish.
Chris Morris at CNN Money has more details.