One of the major draws of both the PlayStation 3 and Xbox 360 consoles are their ability to play back media in addition to games. Here's a tour the PS3's media functionality.

You can stream media directly off memory cards (SD, CompactFlash), or you can copy them to your hard drive for easier playback and added functionality. For example, when you copy videos to your hard drive, you get "live" thumbnails—thumbnails that play themselves. You can also see a better view of the PS3's photo album feature, which still hasn't gotten old yet.

Further reading: PS3 and Wii Unboxing [Gizmodo]