Sony confirm PS3 for E3 2005
Big unveiling confirmed
Sony Computer Entertainment CEO Ken Kutaragi revealed, for the first time, that the Playstation 3 is in the works, and will be unveiled officially at E3 2005 in a Tokyo press conference this morning. Recent moves towards lengthening the lifecycle of the PS2 had lead many to suggest that the PS3 would be delayed, however Kutaragi refuted these suggestions, stating: "There has been some talk that development for a next generation game console has not been going well, but we will have a playable version ready by next spring."
A PS3 debut in 2006 now seems highly likely, with early 2006 (or possibly even late 2005) seeing the arrival of the new machine in Japan, followed by staggered North American and European debuts respectively. A Sony Computer Entertainment Europe spokesman confirmed to the UK's Eurogamer.net that official word on the new system would be offered next Spring (tallying with Kutaragi's May E3 unveiling), but also tantalisingly implied that the name may still be subject to some conjecture. On the other hand, this might just be the PR rep playing it safe, so we'll have to wait and see on that one.

Comments
The PS3 will come out on May 24, 2005. Trust me I know someone who works for Sony!
b.s. they would have had the ps3 announced by now with specs. the 24 is 7 days away. there has been no advertisement. and release dates are usually pushed back. get ur facts right before u post
THE PS3 IS PETER