PS3

The next generation of the PlayStation is known as PlayStation 3, or PS3, and has been launched in November 2006 for North America and Japan, and will be launched on the 23rd March 2007 in Europe. Sony has stated the PS3 will also be backward compatible with all games that were originally made for PlayStation 1 as well as the PlayStation 2. (First-party) PS3 games will not be region-locked, but PlayStation 1 and 2 games will still only play on a PS3 console from the same territory.
The PlayStation Portable (officially PSP) is a handheld game console first released in late 2004. Despite the name, it is not compatible with PlayStation games; it only runs games developed specifically for the PSP on the UMD format. However, at the PlayStation Briefing conference on March 15, 2006 in Japan, Sony revealed plans for PlayStation 1 games to be downloaded and playable on the PSP through emulation. Sony hopes to release nearly all PlayStation 1 games on a gradual basis. [5]. However, as of late December 2006, a custom firmware release allows users to play PS1 image files coverted into the PSP's EBOOT format.
The success of the PlayStation is widely thought to have had some influence on the demise of the cartridge-based home console. While not the first system to utilize an optical disc format, it was the first success story, and ended up going head-to-head with the last major home console to rely on proprietary cartridges - the Nintendo 64. Nintendo was very public about its skepticism toward using CDs and DVDs to store games, citing longer load times and durability issues. It was widely speculated that the company was even more concerned with piracy, given its substantial reliance on licensing and exclusive titles for its revenue. The success of Sony's PlayStation introduced high-quality sound and longer playing times as top priorities for modern gamers, leaving little choice for competitors but to follow suit.