Starting TONIGHT, you be able to download full TV shows and Movies over the PlayStation Network. Many producers have joined in on this. Content will be available in both SD and HD. There will also be a short preview which can go fullscreen by pressing triangle. Progressive downloads will allow you to watch the movie within a minute after you buy it, the video will download and play at the same time.
$1.99: Per TV Show
$2.99-$4.99: To Rent Movies
$14.99: To Buy Movies
Content will also be portable and can be put on multiple devices at the same time (probably using DRM) this includes the PSP and PMP's. To copy to the PSP you can just press triangle on the video and go to copy, this will be accomplished via USB.
Reminder: you be be able to do this tonight, right after the press conference :P