PS3 Gets Video Store and Rentals

"Unveiling the new Home, Sony revealed that video rentals and purchases are finally coming to the PS3. Video will be fully integrated into the PlayStation Store, which will have a new video section. And you can transfer them to your PSP via USB, and have them on multiple devices at once! Standard and high def, with rentals running $3-$6 and $10-$15 for purchases. It takes about an hour to download a two-hour movie. Most of the major studios are on board (Kotaku has a partial list in their liveblog), and it goes live tonight!"

That is great. I was planning on buying a PS3 in the next month or so, to address the guitar hero and rockband addiction that is taking over all of my friends. So getting the ability to buy and rent movies as part of the package would just amke it sweeter. I am guessing the pricing will be comparable to that of Netflix (I hope). Most of the major studios other than Universal seem to be on board as far as I can tell right now . I wonder whether this functionality is going to come to the PSP as well or are we still going to be stuck with UMDs?