Finally, the wait is over. Sony unveiled on Monday the long awaited details about its new gaming console called PlayStation 3.

The new PlayStation will come with wireless networking capability, a detachable 2.5-inch hard drive, six USB ports and Bluetooth support, allowing up to seven wireless controllers to connect to the unit at the same time. It also will support the Blu-Ray format, which can store up to 50 gigabytes of data per disc. Its Cell processor will power the system, which will support high-definition picture quality.

Like the Xbox 360, the Cell processor will also run at 3.2GHz, but it boasts performance of an incredible 2.18 teraflops, more than double compared to what Microsoft announced for Xbox 360. Sony said its PS3 would be 35 times more powerful than PlayStation 2.

Backing it up is 256MB of XDR RAM which runs alongside 256MB of dedicated GDDR 700MHz VRAM. Graphics are courtesy of nVidia which has developed a chip called the RSX Reality Synthesizer that the company brags has more rendering horsepower than two GeForce 6800 chipsets combined.

The new console, to be available next spring, is also intended to serve as the centerpiece of a home digital entertainment setup. The PlayStation 3 will also be able to play games developed for the two previous versions of PlayStation.

The PlayStation 3 has also a new, stylish design, which is looking better than Xbox 360. The PS3 also chooses to ignore the Xbox 360's swappable front panels in favour of three classic electronics colour choices: white, silver or black.

The only missing thing is the price, which will be announced probably at E3 Expo.