Sony has taken the wrappers off a new downloadable music and video service called Vidzone, which is different to the US online video store and due out in 2009. The proper video store is still happening, apparently.
Vidzone is a free service designed to offer "easy access" to "music on demand". You'll be able to build and save a music library, make your own playlists and access it remotely via PSP.
You'll also be able to download ringtones to your mobile phone "for a very small fee" according to Sony Europe boss David Reeves.
Apparently there are two discrete services in PAL markets for music and movies. Vidzone will launch in Q1 next year. The Music download service for PSP and PS3 will launch in Q3 2009. They're targeting 23 PAL territories. We don't really understand the details either - we'll clarify when we can.
As for the proper video store, where you can buy and download movies, Reeves said that it will launch next year, as announced during E3.