Media reports have described the new device as a sleek, curved box available in white, silver and black. Like the Xbox 360, it boasts high-definition graphics and internet connectivity with the ability to download music, movies and videoconferencing. It also connects to digital cameras and music players.

The PlayStation 3 claims to be compatible with Sony’s Blu-ray digital video disc (DVD) technology that offers game storage and displays high-definition movies. In addition, it is powered by the ‘Cell processor’, a chip developed by Sony, IBM and Toshiba, which is reported to enable the new console to run multiple programs simultaneously. It also features a chip created by Nvidia that provides realistic graphics and technology from Rambus to improve memory performance.

With Sony apparently flaunting its desire to dominate the home entertainment industry with its enhanced cinema-quality graphics and realistic game play, and the hype surrounding Microsoft’s version and the anticipated Revolution console from Nintendo, critics are hailing a turn around in the videogame market.

Reports are suggesting that the success of the new consoles now depends upon the ability of videogame publishers to produce realistic images and sophisticated games that will exploit the high-definition features on offer.