As I understand it, the release date is tentatively Q2 2006... which means there isn't really a release date. Q2 could mean as late as June. I wouldn't be surprised at all if it actually launched in Q3.
Like the 360, the PS3 will likely amaze graphically but have no truly groundbreaking launch titles. It won't be until at least 2007y that all three new consoles really start to gain momentum and we see some really interesting games.
The dirty secret in gaming for the next 6 months or so will be the PS2. There are a horde of great games that have just released and which are coming out in the first half of 2006 thatthe PS2 is relaly going out with a bang -- old hardware or not, 2006 is going to be a great year for PS2 owners.