All's well in Sonyland, according to Ken Kutaragi, president and CEO of Sony Computer Entertainment. Kutaragi announced this week that, contrary to rumors in the video game business, the development of the next PlayStation is on track, and development is going well. The company said it plans to show off a playable version of the PlayStation 3 at the 2005 Electronic Entertainment Exposition (E3) video game show next May. Although a launch date is unclear for the console, company officials have hinted that the release might be similar to that of the PlayStation 2. A playable version of the PlayStation 2 made its first debut at E3 in 1999 and was available for sale a year later in Japan. Both Nintendo and Microsoft are also expected to show off playable versions of their next-generation consoles at next year's E3. The next generation of consoles might be closer than we think