Fall 06 at the earliest.
The funny thing is that the PS3 was never pushed back, at least here in the States. Sony never intended to release it in the Spring here, but only in Japan.
And yes, the Japanese launch has been pushed back.
This summer? I really doubt that, but this Fall? I think so.
But will Sony delay the US launch? Remains to be seen.
I highly doubt Sony will leave this Christmas alone to M$ and Nintendo, so I expect the PS3 some time in the Fall here in the US....