Sony PlayStation 3

Expect long lines this fall when Sony launches two versions of its new PlayStation 3 console.

Company officials say the PS3 will launch November eleventh in Japan and November 18th in both the U.S. and Europe.

One version will have a 20-gigabyte hard drive and sell for $499.

There also will be a 60-gigabyte drive that will cost $599.

The PS3's starting price is 100-dollars more than the current top-of-the-line Xbox 360.

But Sony officials say the PS3 has competitive advantages.

They cite a speedy "Cell" processor, the Blu-ray disk format for high-definition video and an online network that will include video chat and micropayments.

Nintendo and Microsoft plan news conferences today to discuss their competing systems.