Two articles on this, one with a link to a PDF from Sony.
Launch Date and Details What Low-end Version Lacks + PDF
Most pertinent info:
"To wrap things up, Sony also announced the PS3 will come in two different configurations, similar to the XBOX 360 approach. One version will come with a 20GB hard drive and cost $499. The 60GB hard drive version will cost $599. Both models will ship November 17 in the US. In Canada, the two models will ship for 549 CND and 649 CND on the same date, respectively."
"The device will also have an extensive online back end. Unlike Microsoft's XBOX 360, Playstation online (the official name is unannounced yet) will be completely free. The service will offer free additional content, voice messaging and a marketplace dubbed "Playstation Shop." The marketplace will act very similar to Microsoft's XBOX Live marketplace, allowing users to tie a credit card or prepaid "Playstation Card" into a specific account.
Sony will also feature a "SingStar Store" in the marketplace that will allow users to purchase music from Sony directly. Music can then be transferred onto the PSP or played on the PS3. The media center for PS3 is then customizable with various skins and profiles available via the marketplace. "
"On November 11, 2006, Sony will start selling the "lower-end" Playstation 3 for 59,800 Yen, or about $530 USD [In Japan]. This PS3 will feature a 20GB hard drive, gigabit Ethernet and Blu-ray reader. However, a table in the document reveals that the 20GB PS3 will be severely handicapped in several ways.
For starters, only the 60GB PS3A will feature a MemoryStick/SD/CompactFlash reader, though we almost certainly suspect there will be add-on readers. The 20GB PS3 will not feature integrated 802.11b/g. Furthermore, the 20GB version will not feature HDMI output."
That, and there is a picture of the completely redesigned, never-seen-anything-like-it-before PS3 controller. /sarcasm