The Playstation is the initial hardware entry by the Sony Corp. into the video gaming arena. Anticipation of the Playstation is high, as well as its expected retail success; although selling the projected 3 million in the first year is quite optimistic though ;)
The Playstation is set to compete against the 'next generation' of consoles, which include: 3DO; 3DO M2; Sega 32X; Sega Saturn; Atari Jaguar; Atari Jaguar II (whenever it DOES arrive); Atari Jaguar CD; Nintedo Ultra 64; and the rumored Amiga PA-RISC system.
Technically, the Playstation is a 32-bit RISC, CD-ROM/XA2 based video game console. The Playstation is capable of spectacular graphic effects that include: high volume of texture-mapped polygons, incredible sprite renditions, hardware tri-axial rotation, gorraurd shading, among others. Although 3D is seemingly stressed in the majority of the scheduled games, and in the RendorMorphics graphical libraries, there is a built-in 2D background and sprite engine (see specs) Also, instead of having on board RAM for saving game positions and games; Sony Corp. opted for a 'Neo-Geoish' option, they are utilizing memory cards (see specs).
During the time that the Sony Corp. did work with Nintendo of Japan, which was stated to be only a month, but in all actuality was longer than that (how long, I really do not know); but the Sony Corp. did have three variations of the Playstation up and running: one was the add-on, or SNES CD, one was a 'stand-alone' version, and another was a chipset that could be re-manufactured by anybody that licensed it. These versions had a NEC V800 chip, not the RISC R3000A chip in the released version of the Sony Playstation.
What to do!? Well, the Sony Corp. enhanced it, combined with LSI Logic for chip design(s), and are ready to finally release it into competition with the 'next generation' consoles; with its sights set primarily upon the Nintendo Ultra 64, 3DO, and Sega Saturn.
Unfortunately, the answer to this question is no... Sony, and Sega, announced that there will be territorial lock-outs implemented on the Sony Playstation (and Sega Saturn). However, it is unknown whether or not this lock-out will be hardware or software... but, rumors that the Sony Corp. has yet to answer specify that the lock-out announcement was/is just a ploy to stop, or at least slow down, importing...