TotalVideogames.com has a story that the much hyped PS3 may be seen in April.

Perhaps responding to claims that the Xbox2 wont make an appearance at the Game Developers Conference in March (although we still have our doubts), Sony could utilise a pre-emptive meeting in April to roll-out the Playstation3 and steal some of the increasing attention paid towards Microsoft's new box.

In my opinion it is highly unlikely that the new Xbox : Xenon or the Playstation 3 will not see the light of day until summer at least.
www.totalvideogames.com