UPDATE: There are also only going to be 500,000 units available upon launch for the USA and Japanese market. The previous estimate of 4 million has been lowered to 2 million by the end of the year. Ken Kutaragi mentioned the exact reduction in a gamespot interview but the interview was pulled shortly after.

PS3 has joined the ranks of Windows Vista and other overly delayed new technologies. For those of you in Europe start saving up even more money as our counter parts over the pond will no doubt be selling there first few PS3 for 5 times the price on ebay.

How long delayed for?
Till March

Reason?
"the delay in the mass production schedule of the blue laser diode within the Sony Group, thus affecting the timely procurement of key components to be utilised in Playstation 3."

Who does it affect?
Europe, Russia, the Middle East, Africa and Australasia

If we were waiting for an improvement in the PS3 then perhaps we would be pleased to wait but to be waiting because an essential part of the blue ray drive is in short supply takes the Michael. So its Nintendo Wii vs Xbox 360 in Europe. We are down to two contenders, for now!

Source: Playstation.com