A new report from Research and Markets reveals that although the video games sector is growing aggressively, competitive advantage is changing rapidly as Sony and Microsoft are in a market share war, vying to control the living room. Both the PS3 and X360 are capable of competing with mp3 players, television makers, and PCs, in addition to being a video games player.

The Elder Scrolls IV: Oblivion for PS3 will include the Knights of the Nine addon, featuring an all-new faction and quests for noble characters and answers many of the questions surrounding the Ayleid ruins found throughout Oblivion.

Virtua Fighter 5 raises the bar for console fighting games including all the features fans know and love plus enhanced gameplay mechanics, additional characters and new fighting styles, as well as newly redesigned 3D environments. AM2's Murayama continues to tell us more about the Quest Mode.

In a move that is sure to please fighting game die-hards, Virtua Fighter 5 hits the PS3 in February in all its high definition glory. With a number of new fighters, a redesigned single-player campaign, and a bundle of customization options, this may well be the fighter that you've been looking for.

SCEA today announced that due to the 2 million PS3s shipped, Blu-ray Disc has experienced tremendous growth in consumer adoption, and because of it, has surpassed HD-DVD for the first time.

In an interview with Develop magazine, Sony Liverpool director Clemens Wangerin confirmed earlier rumors that Wipeout is headed to the PS3. While a PSP edition was also rumored, Clemens did not make any mention of it, although he did add that the game would make use of the SixAxis controller, and maybe also feature online and multiplayer content. SCEA had no comment but said an announcement would follow shortly ...

Hellboy lets players step into the muscle bound frame of Hellboy, a hulking crimson-skinned warrior of supernatural creation. On the trail of a crazed witch, Hellboy uncovers a fiendish plot for world domination and must rush to defeat the crazed Hermann von Klempt before he can exert his evil will on a hapless world.

While other FPS titles claim to feature action-packed, highly realistic gameplay, BlackSite: Area 51 takes next-gen gaming to an all-new level integrating cutting edge technology, game design and story writing to create the ultimate entertainment experience.

Hellboy combines action and exploration elements to deliver an original brawling experience, and today Konami revealed that actor Ron Perlman will continue his portrayal of the character from the hit 2004 film, and provide Hellboy’s voice in all versions of the video game.

The PS3 has now received a new update, optimizing compatibility for unspecified PlayStation 2 titles. If you read Japanese, here's the full fix list...

Def Jam: Icon infuses hip-hop music, culture and lifestyle into the gameplay, bringing unique and innovative content to the next generation of gaming. EA and Def Jam announced the Def Jam: Icon 29 track listing, featuring artists such as The Game, Lil Jon and Young Jeezy, to name a few.

Virtua Fighter 5 raises the bar for console fighting games including all the features fans know and love plus enhanced gameplay mechanics, additional characters and new fighting styles, as well as newly redesigned 3D environments.

EA Partners signed an agreement to publish Pandemic's Mercenaries 2: World in Flames for the 2007 holiday season. Set in a new and exotic hotspot, you can be your own boss in a wide-open world where there’s only one rule: everybody pays.

The Godfather The Don's Edition (PS3) includes The Corleone Expansion Pack with new gameplay and missions while The Godfather Blackhand Edition (Wii) gives an enhanced combat experience with Wiimotion-based Blackhand Control

Reawakening the bitter rivalries between the Federation and Zeon forces, Mobile Suit Gundam: Target in Sight (also known as Crossfire) places players in the cockpits of numerous legendary Mobile Suits and launches them into the heart of the battle as the two sides fight for domination of a futuristic planet earth in turmoil.

A spiritual sequel to Woo's action masterpiece, Hard Boiled, Stranglehold allows gamers to play a John Woo-directed action blockbuster movie. Dual-wielding and stunt-laden gunplay combined with massive destructible environments ensures that Stranglehold will be a true tour-de-force.

THQ announced Saints Row is scheduled to make its PS3 debut this spring, featuring stunning next-generation graphics, extensive customization options and unparalleled player choice.

Sony released its 3rd quarter results revealing it has shipped 1.8 million units, and while revenue was up nearly 10%, its overall income dropped 5%. PS2 and PSP hardware sales dropped, and overall software sales also declined, although the sale of PSP titles in particular was up. As a results Sony Games division recorded a $455 million loss, compared to $570 million income last year.

Authentic WWII atmosphere. Fly in close to Germany's industrial terrain for a bombing raid, strafe the islands of the pacific, or emerge from the cloud cover over London and engage the enemy. The environment looks so real you'll feel like you're the pilot in a famous WWII movie.

NBA Street series expands on the fast-paced and larger-than-life 3-on-3 basketball gameplay, creating a hyper-real world that merges legendary courts with the hometown courts of your favorite NBA stars into one seamless city of streetball moments.

Unreal Tournament 3 is being developed by North Carolina-based Epic Games. The game promises to blow fans away with the gameplay, modifiability and visuals that Epic's Unreal Engine 3 technology will deliver.

While other FPS titles claim to feature action-packed, highly realistic gameplay, BlackSite: Area 51 takes next-gen gaming to an all-new level integrating cutting edge technology, game design and story writing to create the ultimate entertainment experience.

Unreal Tournament 3 is being developed by North Carolina-based Epic Games. The game promises to blow fans away with the gameplay, modifiability and visuals that Epic's Unreal Engine 3 technology will deliver. At a Las Vegas press event Midway revealed the name change (indicating a non-2007 release?), and that Epic's FPS is finally coming to Xbox 360.

Tom Clancy's Splinter Cell Double Agent will completely revolutionize and reinvent the spy action genre by introducing an unprecedented double agent concept and an entirely new breed of game play that adds an exciting new dimension to the gaming experience.

Bladestorm will offer massive battles mixed with strategy, much like the Dynasty Warriors titles, but one of the main differences is that the game will be situated in the Western medieval timeframe.