I saw this story posted at 1up.com:
Apparently there is a new PS3 version coming out that will only play Blu Ray movies over HDMI. The PS3 will no longer play Blu Ray movies over component cables. This could be significant if your projector does not have an HDMI input. Could be even more significant if this new PS3 version does not output analog audio separately.
If you've been thinking about getting a PS3 this might not be a bad time to get one (before the new version takes over).