CNet has a report that contradicts what I reported on the 15th - rather than launching in September, the PS3 may be delayed by a year:

The North American launch of Sony's much-anticipated PlayStation 3 could be delayed until next year, according to a research report issued by Merrill Lynch.

In the report (Click here for PDF), the analyst firm proposed the idea that high costs and Sony's decision to use an "ambitious new processor architecture--the Cell" is making it look like the company might not be able to meet its goal of getting the PS 3 out in the U.S. this year.

It's all speculation at this point, is what it amounts to. It does sound to me like Sony may have gone "a bridge too far" on the technical side - too many new things at once.