The Cell Processor Explained January 21, 2005
Read the technical details here.
Update: Here is the Slashdot.org discussion about the above-mentioned article.
Update: And here is an interview with NVIDIA’s Vice President of Corporate Marketing about the PS3’s GPU.

This article is total bullshit.
Nicholas Blachford is an idiot. Do not read any of his articles. Just to give you the best of Nicholas, read his antigravity article and visit his web site:
http://www.blachford.info/quantum/gravity.html
He has a kind of “disclaimer”, look at
http://www.blachford.info/quantum/crankscharter.html
and for the cell processor in particular, the article is worth reading.
I wrote my own summary at:
http://www.igeek.com/CellProcessor.pdf
http://homepage.mac.com/dke/.cv/dke/Public/CellProcessor.pdf-binhex.hqx
http://www.mymac.com/fileupload/CellProcessor.pdf