Sony has announced that they will be providing a movie download service for the PS3 this summer.  The major details will be announced at E3 later this month.  From what has been released expect to see all the major Sony Pictures movies to be available day one.  It is still unknown if other movie studios are going to provide their movies for the service or if the service will offer TV downloads as well.  There was no note to the business plan either so it's unclear if you will be renting movies similar to Microsoft's Xbox Live service or if you will be buying the movies.

I think this is a great feature for Sony to add to the PlayStation network.  By offering movie downloads they are matching up with a feature that is already available on the Xbox 360.  The question becomes can they offer a better implementation?  How much will the movies cost?  Are we streaming the movies?  Renting the movies?  Will there be TV Shows?  Will other movie studios join the service?   All this will be answered at E3.

Update: Turns out no other studios are joining the service.  Does this mean disaster for the PSN service?  No, but it does make you wonder if the service will ever be able to expand beyond Sony entertainment.  If it's just Sony's party will people use the service?  Lets wait for E3 to really judge the service.

Source:
joystiq.com - ps3-movie-downloads-coming-to-us-this-summer
wired.com - variety-sonys-v