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Well, this will give a jumpstart for Blu-Ray, if they can manage to release the PS3 before HD DVD discs are out, at least. I’ve seen a demo of Blu-Ray playing a high definition recording, and it looked great to me. Sony sure can’t figure out how to make an iPod killer (Hello, people want to play MP3s, not ATRAC crap!), but they have been pretty good on formats ever since Betamax… though MicroMV never did quite catch on and is a dead format now.
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TOKYO—According to Kyodo News, Sony officials announced today that they will use Blu-ray Disc technology in their next-generation console, most commonly referred to as the PlayStation 3. Sony revealed its decision at a press conference held by the Blu-ray Disc Founders (BDF), an organization committed to developing and standardizing the next-generation optical disc format. The BDF also used the occasion to announce that it will finalize the specifications for the read-only version of Blu-ray Discs (BD-ROMs) by September 30.

http://www.gamespot.com/news/2004/08/04/news_6104095.html