The Sony E3 Media Briefing has concluded and it has been confirmed: the next-gen system will be called the PlayStation 3. Ken Kutaragi proudly took the stage and announced a number of the new features for the system.

• Backwards compatibility with both PSone and PS2 games.
• Will use Blu-Ray discs for media; also supports: CD-ROM, CD+RW, DVD, DVD-ROM, DVD-R, DVD+R, and SACD
• Cell processor at 3.2GHz
• 2.18 teraflops of performance
• 512MB total: 256MB XDR system RAM at 3.2 GHz; 256MB of GDDRVRAM at 700MHz
• Slot that supports a detachable 2.5in HDD
• Six USB ports; Memory Stick Duo, SD and Compact Flash support
• 2 HDMI outputs, 1 A/V output, 1 SPDIF optical output, and a 1 gigabit ethernet port
• Video chat, Internet access, digital picture, audio, and video viewing
• Capable of handling seven Bluetooth controllers
• WiFi capable

Graphics:

• Chip is called RSX "Reality Synthesizer" by nVidia, runs at 550MHz
• 128 bit pixel precision and 1080p support
• 300 million transistors; 90nm process
• Said to be more powerful than two GeForce 6800 Ultras

A full and official list of specs and developer reactions can be found here at Yahoo.