I have an old 286 chip that I keep around as a paperweight because it's nifty. That's an "existing processor."
Gotta love marketing talk. Trust me that thing isn't going to be 10 times faster than a 3.4ghz P4. (even if it were, how would you even measure that? there's no way to benchmark a PS3 vs. a PC. Heck there's no way to benchmark a PS3, period!)