Those with PS2 component cables will be happy to know that they work with the PS3. A quick search on GameStop reveals a third-party PS2 component cable for only $14.99. While $15 is relatively little money to the consumer, it would likely cost Sony even less to pack in a cable of its own, or at least create a six-prong composite/component hybrid, similar to the Xbox 360.
Let's throw this one to the masses: are those who intend to buy a PlayStation 3 discouraged by this news?
[Thanks, The Dude]
[Update 1: clarified source, currently affected regions.]