The PSN video delivery service launches tonight for the PS3 and PSP.  Major studios have agreed to offer content through the download service.

Participating networks include:
Sony
MGM
Lions Gate
Disney
Fox
Paramount
Warner
Turner
Funimation

Content will be offered in both SD and HD formats.

Here’s a rundown of the pricing:

TV Shows:  Starting at $1.99 per episode
Movie Rentals:  $2.99-$5.99 per rental
Movie Purchase:  $9.99-$14.99 each

All content can be watched on both PS3 and PSP. Content may be placed on multiple devices at once.