The prices according to Sony for the PS3 on it’s November 17th release will be:
United States: US $499 (20GB HDD) and US $599 (60GB HDD)
Canada: CAN $549 (20GB HDD) and CAN $659 (60GB HDD)
Yikes.

Los Angeles, May 8, 2006 – Sony Computer Entertainment America (SCEA) announced today that it would launch PLAYSTATION®3 (PS3) in "Clear Black" in North America on November 17, 2006, as part of a worldwide simultaneous launch.

PS3 is the most advanced computer system that serves as a platform to enjoy next generation computer entertainment contents in the home, realized through the combination of Cell and RSX™ processors, in addition to the playability of a vast catalog of PlayStation® and PlayStation®2 software titles.

Having Giga-bit Ethernet and a pre-installed hard disk drive (HDD) as standard in PS3, users will be able to download a variety of contents as well as access on-line games and services over the network.

Equipped with basic input/output ports, PS3 supports a broad range of displays from conventional NTSC/PAL standard TVs to the latest full HD (1080i/1080p) flat panel displays, offering the joy of the most advanced computer entertainment contents to homes around the world. For use in living rooms, maximum heat and noise reduction has been achieved with a noise level equivalent to that of the current slim-line PlayStation 2.

With the overwhelming computational power of the Cell processor, PS3 is capable of playing back content from Blu-ray (BD) disc at a bit rate of multiplex 48Mbps with ease, the maximum bit rate defined in BD standards.

The new controller for PS3 has been created by refining and improving the world’s most popular PlayStation controller which has shipped more than several hundred million units worldwide. The controller for PS3 employs a high-precision, highly sensitive six-axis sensing system that is capable of processing all parameters within the controller itself, thereby eliminating the need for any additional settings on the display system. By applying this technology, it will become possible to freely control the PS3 system over the network.

While further enhancing the joy of entertainment on PlayStation 2 and PSP™ (PlayStation®Portable) system, SCEA will vigorously promote PS3 as the next generation computer entertainment platform.