This isn't the new PlayStation. This product isn't from SCE (Sony Computer Entertainment), it's from Sony. It's more of a entertainment system.
I found this a IGN: http://ps2.ign.com/articles/421/421027p1.html
Couldn't be bothered to re-type so here's a cut & past of what i gonna say:
The PSX includes the PlayStation 2's Emotion Engine and Graphics Synthesizer chips and will allow you to play PS2 games. But this isn't just a games system. The PSX also comes with a TV tuner, DVD recording capability and a 120 gigabyte hard disk. On top of this are USB 2.0 and memory stick support and a built-in Ethernet adapter.
I guess the hard drive is so you can save stuff using the TV tuner, kinda like TiVo, then burn in onto DVD.
I was gonna buy a new PS2 [my current one broke and only a 2 games play, no DVDs] but i may wait out for this. That is if it isn’t to expensive