Uhm.... indeed is rather hard to believe that you didn't hear of the PS3 so far... but... in short terms:
PS3 launched, wasn't toooooo successful (3rd rank on current consoles being sold) and already a Slim version was released this September for 300 bucks (after initially 600 bucks in average for the first-gen console) and while the slim now sells better Sony is about to snatch rank 2 of the most sold consoles of this generation.
Horrendously overpowered hardware (for when it started) and basicly the kind of exclusive collectors console that you get to hope for an RL-achievement or if you like really really good looking games as such.
That's about my (puny) summary of the PS3, in case you were serious. If not: well, I had fun typing it
