As for the specs...well lets say it will own not only your life with GT5 already in the works, but Xbox 360 cannot compare this time around.
PLAYSTATION 3 SPECIFICATIONS
CPU: Cell Processor PowerPC-base Core @3.2GHz
--1 VMX vector unit per core
--512KB L2 cache
--7 x SPE @3.2GHz
--7 x 128b 128 SIMD GPRs
--7 x 256KB SRAM for SPE
--*1 of 8 SPEs reserved for redundancy
--Total floating point performance: 218 gigaflops
GPU RSX @ 550MHz
--1.8 TFLOPS floating point Performance
--Full HD (up to 1080p) x 2 channels
--Multi-way programmable parallel Floating point shader pipelines
--Sound Dolby 5.1ch, DTS, LPCM, etc. (Cell-based processing)
MEMORY
256MB XDR Main RAM @3.2GHz
256MB GDDR3 VRAM @700MHz
System Bandwidth Main RAM-- 25.6GB/s
VRAM--22.4GB/s
RSX-- 20GB/s (write) + 15GB/s (read)
SB2.5GB/s (write) + 2.5GB/s (read)
SYSTEM FLOATING POINT PERFORMANCE:
2 teraflops
STORAGE
--HDD Detachable 2.5" HDD slot x 1
--I/O--USB Front x 4, Rear x 2 (USB2.0)
--Memory Stickstandard/Duo, PRO x 1
--SD standard/mini x 1
--CompactFlash(Type I, II) x 1
COMMUNICATION
--Ethernet (10BASE-T, 100BASE-TX, 1000BASE-T) x 3 (input x 1 + output x 2)
--Wi-Fi IEEE 802.11 b/g
--Bluetooth--Bluetooth 2.0 (EDR)
--ControllerBluetooth (up to 7)
--USB 2.0 (wired)
--Wi-Fi (PSP)
--Network (over IP)
AV OUTPUT
Screen size 480i, 480p, 720p, 1080i, 1080p
HDMI out x 2
AV multi out x 1
Digital out (optical) x 1
DISC MEDIA
CD
PlayStation CD-ROM
PlayStation2 CD-ROM
CD-DA
CD-DA (ROM),
CD-R,
CD-RW
SACD Hybrid (CD layer),
SACD HD
DualDisc (audio side)
DualDisc (DVD side)
PlayStation 2 DVD-ROM
PlayStation 3 DVD-ROM
DVD-ROM
DVD-R
DVD-RW
DVD+R,
DVD+RW
Blu-ray Disc
PlayStation 3 BD-ROM
BD-ROM
BD
More on the specs here.
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