It looks identical to the current SIXAXIS but will boast a rumble feature identical to its predecessor - the Dualshock 2. It'll be released in Japan around November and the rest of the world sometime in early 2008. Many games in development such as Metal Gear Solid 4 and Devil May Cry 4 are already being programmed with the Dualshock 3 in mind (this would explain why the release date of MGS4 has been put back, and hopefully will be incorporated into GTA4 aswell!!). Current PS3 titles will be made rumble-friendly via the Playstation Network. No price has been confirmed yet, but an educated guess would put it at around €60-€70 if you ask me.
All I can say is.... Thank Bloody Christ!! It's about time!!