According to ActionTrip, the Sony PlayStation 3 console will be coming out roughly a year after the Xbox 360 and cost about twice as much by late 2006. That means we'd be looking at roughly $799.99 to $999.99 for a Sony Playstation 3. For that cost, I'd get a top of the line PC. It'll perform better in the long run and be a much more versatile gaming machine.
Sony also will not be implementing a central online service akin to Xbox Live, and will instead let developers determine how games will be played on line akin to the Playstation 2. Please note that the PS2 has shitty online capability.
This is all bad, bad news for Sony, and great news for Microsoft. If all this is true, their chances of winning this gen of the console war has increased greatly.