PS2: Open Standard
The latest development in the PS2 story is the news that it may well become an open standard. This means that Sony would licence out the PS2 architecture to other manufacturers who could then do with it whatever they see fit.
Potentially, this is a HUGE development, and the first of its kind for the games console market (unless you count the failed Philips CDi as a games console) meaning that we could see TVs with integrated PS2s amongst other things.
It remains to be seen as to exactly what the licencees would choose to do with Sony's hardware, but I'm sure you'll all agree, this is great news for the gaming world.