Sony has launch his PS3 in Japan yesterday (11 November - 100.000 units), it will hit USA on 17 november (400.000 units) and Europe not before March 2007. Engadget  and Gizmodo have put a LOT of video and articles online so the rest of the world can better judge the next generation console of Sony.

Engadget Gizmodo

Will I buy one? YES!
Will I resell my XBOX360? maybe as It is too limited for me  compare to the PS3
Expensive? not so much if You consider its free online service ($50 for a gold live account), a 60GB versus a 6GB (+$99 for 80Gb XBOX360), a bluray drive included (+$200 for the HD-DVDrom on the XBOX360)