The latest in the series, the PlayStation 3, launched in Japan on 11 November and in the US on 17 November. It will not go on sale in Europe until March 2007. Get a taste of what to expect by clicking on the links below.

Cell processor: The IBM-designed Cell processor is the heart of the PS3. It has 234 million transistors and the first versions run at 3.2GHz. It is split into different processing cores that can handle different types of task at the same time.

Games developers are only just getting to grips with the processing power of next generation consoles.

While games for the Xbox 360 and PS3 look a lot better than games for older consoles, they feel much the same in terms of how on-screen enemies react, the physics of the game worlds and range of facial expressions shown by computer controlled characters.

Graphics chip: Designed by Nvidia for the PS3 the RSX graphics processing unit helps the console create high-definition images. The unit runs at 550MHz and uses 300 million transistors.

PRICE CHECK PlayStation 3: 499 euros (£335) for the 20GB version, 599 euros (£400) for the 60GB version Xbox 360: 415 euros (£279.99) for the 20GB version, 310 euros (£209.99) for the Xbox core system (no hard drive) Nintendo Wii: 249 euros (£179)

Hard drive:The console has either a 20 or 60GB hard drive on board - depending on which bundle is bought. Sony has said the hard drive can be upgraded - this might be essential for those using it as a media hub.

Wi-fi net connection: This is only available on the 60GB version and uses standard wireless technology to make it easy to hook the console up to the internet. It also allows a PSP to be connected to the device.

The High-Definition Multimedia Interface [HDMI] serves as the link between the PS3 and a high-definition display which you will need if you want to play PS3 games in their full graphical glory.

It will be on both versions of the console and enable games and movies to be shown in high-definition. A HDMI cable to connect the console to your HD TV will not be included with either version.

Resembles the old dual shock controller, but it has motion sensors on board rather than the vibration system. This should enable it to be used as a much more intuitive way to control equipment, such as swords or rackets, in games. It works via cable or wireless and comes included within the console package.

An earlier "banana", or "boomerang" design for the controller has been abandoned.

A drive that can play high-definition movies is included in both versions of the PS3. This could make the console attractive because, although it is expensive for a game-playing gadget, it is cheap compared to other Blu-ray players.

The premium version of the PS3 comes with a flash memory card reader that can handle memory sticks, compact flash or SD cards. This is hidden under a flap on the front left hand side of the console.

The cards can be used store save game information for any PlayStation game.