Gamespy gives us a report of the PlayStation 3 event yesterday, here's a snip:

Ken Kutaragi, the President and Group CEO of Sony Computer Entertainment, came out next. Kutaragi is perhaps best known by his unofficial title of "the father of PlayStation." He began going into more specifics about the system, including its usage of Blu-ray discs for storage. Blu-rays are capable of storing six times what DVDs can hold. It was also revealed that the PS3 would be backwards compatible with both the PS2 and PS1. After revealing these basic details, he began rattling off a laundry list of technical features of the system, which we'll get to in a bit.



Link: Gamespy