The original 20 GB model is no longer being produced. You can find them on auctions and save some money, but you're going to sacrifice some of the features that are now standard in the 40, 60 and 80GB systems. These newer Playstation 3 systems share the same features, and are only differentiated by the size of the internal hard drive.

See below for technical specifications.

PS3 supports high quality display in resolution of 1080p as standard, which is far superior to 720p/1080i.

The PlayStation 3 will use Blu-ray discs as its media format. The discs can hold up to six times as much data as current-generation DVDs. It will also support CR-ROM, CD-RW, DVD, DVD-ROM, DVD-R, DVD+R formats. Sony also confirmed that the machine will be backward compatible all the way to the original PlayStation. It has slots for Memory Stick Duo, an SD slot, and a compact flash memory slot. It also has a slot for a detachable 2.5-inch HDD, somewhat similar to the Xbox 360's.

The PlayStation 3 features the much-vaunted Cell processor, which will runs at 3.2GHz, giving the whole system 2 teraflops of overall performance. It has 256MB XDR main RAM at 3.2GHz, and 256MB of GDDR VRAM at 700MHz.

The PS3's graphics chip, the RSX "Reality Synthesizer," is based on Nvidia technology. The GPU is capable of 128bit pixel precision and 1080p resolution--some of the highest HD resolution around. The RSX also has 512MB of graphics render memory and is capable of 100 billion shader operations and 51 billion dot products per second. It also has more than 300 million transistors, larger than any processor commercially available today. It will be manufactured using the 90nm process, with eight layers of metal. The RSX is more powerful than two GeForce 6800 Ultra video cards, which would cost roughly $1,000 total if purchased today.

The PlayStation 3 has several multimedia features, such as video chat, Internet access, digital photo viewing, and digital audio and video.

Out of the box, the PS3 will have the capability to support seven Bluetooth controllers, which can be used for nearly 24 hours before they require charging. It will also have six USB slots for peripherals: four up front and two in the back. It will also have Wi-Fi connectivity to the PSP, which can be used as a remote screen and/or controller.