Good news, the Playstation 3 will be region free
. After when DVD movies launched, they came with a system that forced every DVD made to be defined in some region, and players would only play DVDs from the region the player was manufactured for. When games started coming out on DVD, they conformed to this as well, and so the only games that American gamers could (legally) play were American region games, and the same for Japanese gamers. There was no legal solution for importing japanese region games, apart from buying a second Japanese region gaming machine.
Now, all PS3 games will be region free, and the only thing standing in your way from playing games from other regions is the need to understand Japanese, and perhaps PAL vs NTSC formats making it display a little weird. It's unlikely that movies, even the new HD-DVDs and BDs (Blu-ray discs) will be region free any time soon however.
Additionally, there's news that the PS3 will (probably) come with a 60GB hard drive