Sony outlined the details of its new video download service through the PlayStation Network at today's E3 press conference . Good news: videos can be watched on the Playstation 3, or taken on the road with the PSP.

Sony outlined the details of its new video download service through the PlayStation Network at today's E3 press conference.

Available starting tonight on the PlayStation 3, the video service allows rentals or purchases of TV episodes and movies that can also be transferred to the PSP. So far, partners in the service include Sony Pictures (obviously), Fox, MGM, Lionsgate, Warner, Disney, Paramount, Turner, and Funimation.

TV episodes start at $1.99, and movies will be $2.99 to $5.99 to rent and $9.99 to $14.99 to buy. While downloads may be long for movies, a progressive-download option lets users watch the movie while it's still downloading. You can use the PS3 or your home PC for transfers to the PSP. The service goes live sometime tonight, so download away.

E3 2008 -- the game industry's biggest convention (arguably) -- is happening all this week! Check out E3.1UP.COM for news, previews, podcasts, videos, blogs, and more direct from the Los Angeles Convention Center.