The service features some same-day-as-DVD streaming rentals as well as download-to-own movies up to 1080p with 5.1 surround sound.
There is no monthly fee to the service and you'll be paying a la carte for any rentals or purchases. A list of VUDU's available movies can be found here.
Pricing and availability varies by title and quality level. For example, renting Predators will cost you $3.99 (SD), $4.99 (HD), and $5.99 (VUDU's HDX format), but can only be purchased to own in SD for $19.99. Other movies, like Toy Story 3, can be purchased for $14.99 (SD) and $19.99 (HD/HDX), but will not be available to rent until December 2.
VUDU will be available next week for all PSN users in the US and will be packaged in an application that can be downloaded from the PlayStation Store when it is released. The PlayStation 3 currently offers streaming media from Netflix, Hulu Plus, Major League Baseball, and the National Hockey League.