Pretty much the same as the play.com deal, just 99p cheaper. And direct from Sony.
Record and view your favourite programmes at the same time - Play TV enables you to record both Standard Definition as well as High Definition
Personal Video Recorder functionality - watch live TV, pause, fast forward and rewind
Electronic Programme Guide (EPG) to show what's on, now and next - up to 7 days in advance in certain countries
Mobile TV functionality - export content easily from PS3 HDD to PSP - watch TV on the go! Thanks to live streaming, you can watch your favourite show whilst abroad
Channel surf with either your BD remote or your Sixaxis / dual shock 3 controller