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PS3 is built around a 3.2GHz Cell processor - jointly developed by IBM, Sony and Toshiba, with a total system performance rated at 2.18 teraflops - with 256MB of 3.2GHz RAM. It has a graphics processor(RSX) co-developed by Nvidia and Sony backed by 256MB GDDR VRAM.

The enhanced processing and graphics power should enable a new level of gaming realism, with landscapes and virtual worlds rendered in real time.

As well as DVDR/W and CD-R/RW it supports the Blu-ray high-definition storage standard, with discs capable of holding up to 54GB. Blu-ray also provides high-levels of copy protection.

There will be also

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a 2.5in hard drive attachment, a Memory Stick Duo, SD slots, Bluetooth support with up to seven wireless controllers and six USB system ports.

Ken Kutaragi, president and CEO, Sony Computer Entertainment (SCEI), said that PS3 'will accelerate the arrival of a new era in computer entertainment'.

'SCEI has continuously brought innovation to the world of computer entertainment, such as real-time 3D computer graphics on PlayStation and the world's first 128-bit processor Emotion Engine (EE) for PlayStation 2. Empowered by the Cell processor with super computer like performance, a new age of PlayStation 3 is about to begin.'

His comments were echoed by games developers.

'Each generation of PlayStation has made a dramatic improvement in how we create and play video games,' said Larry Probst, Chairman and CEO, Electronic Arts. 'PlayStation 3 will be a breakthrough in how the world experiences entertainment.'

'Each time SCEI launches a console, the video games business moves to the next level. With PlayStation 3 it looks as if it might be time for interactive entertainment to become, finally, the world's dominant artistic medium,' Sam Houser, president of Rockstar Games added.