Sony's president Ken Kutaragi disclosed some more details regarding the PlayStation 3 at the PlayStation Meeting in Japan. He started his speech with the announcement that the PS3 will be fully backwards-compatible with the PS and PS2 consoles and that it will support HDTVs.
He also warned that the PlayStation 3 will be expensive, but refused to disclose a retail price. Another surprise is that Sony states the PlayStation 3 will have a life cycle of 10 years.
He also shared some details regarding the sales of the PS2 which hit 91.62 million as of July 20. Read more at CNET