Even though the PlayTV PVR for the PS3 was announced for Europe in the middle of '07, they still haven't managed to release it yet (target date was early 2008). The BBC managed to get a hands-on video look at the device over at Sony's UK offices and it actually looks pretty great.
You can rewind and pause TV, record two shows at once (but none while you're actually playing games on it), and stream live TV to your PSP, all from the little box that receives digital terrestrial signals. It's true that this can record a HD signal, but most of us in the States watch our HDTV via our cable or satellite, which this doesn't work with. We'll see what Sony plans to do to address that before they bring PlayTV here.
AU: Bugger the states, in Australia most of us still get TV from free-to-air networks. And with Seven, 10 and soon Nine all having dedicated HD channels with fresh content, this is so looking like it will get released here soon. I reckon we'll see it bundled with a 160GB hard drive PS3, maybe?