Although this is the first of a few preview videos (more to come shortly apparently), it looks very much like the PS3 is playing catchup to the Xbox 360, as most of the functions of the XMB have been available in the Xbox Guide since launch. The same with playing music your own music while gaming, a good addition to the PS3 experience, but certainly not earth shattering.
I’m a little concerned by the statement “this supports a majority of games”, that clearly means that some games won’t support in-game XMB.
Update
The new 2.4 Firmware is scheduled for release tomorrow evening (2nd July) and will include Trophies. Playstations answer to achievements, trophies will be only be available in select existing titles, but we should see all new titles in the future supporting the feature. The second video has now been released which explains trophies, I’m hoping they also integrate into Home when that arrives (probably in beta form), later this year.
More @ Engadget
