David Reeves, President of SCEE, reckons that video-on-demand (VOD) will be available on PlayStation 3 before the end of 2007.
Speaking at an event in London, Reeves confirmed that a repertoire of films and TV shows will be added to the PAL PlayStation Store, and they will also work on the PSP
He added that the service wouldn’t be released in all PAL territories, only "major" ones. He also couldn’t "give [a] time, but it is not in the distant future, it will be within this calendar year".
Hopefully Sony won’t change their definition of ‘calendar year’. Either way, stay tuned.
Source: IGN