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A review of the DVD capability is available at Thresh's firing squad for anyone who is curious.
The review was for the US PS2 but i'm sure Sony will get it right for the UK too.
I am personally looking very forward to that not so far away day.
The idea of streaming data from a DVD is not a new one, most consoles have to because of the limited amount of RAM available to store large levels. The addition of a DVD drive wont speed up the streaming just allow the programmers to store more.