That PS3 is going to kick ass.
Things have changed - Consoles used to be based on old technology, but being used efficiently to give good results. Example - the Xbox is 700MHz and the PS2 i think 200MHz. And thats it.
Consoles now use brand new technology, and use it efficiently - and are expective to give mind blowingly good results. And this PS3 has a GFX card faster than dual 6800 Ultras in SLI. Crazy!