Yes you read correctly, Sony has a new feature for the PS3 and the PSP. They call is BD Live. What it does is takes a Blue Ray movie and converts it so that it can be put onto a memory stick and be viewed on the PSP. The movie will not be full resolution, but will hopefully be viewable.

BD Live isn't just putting movies on your PSP. It is an online service similar to Verizon's V-Cast. Although not much has been said about what can be done, but possible abilities might be ring tone downloader, streaming media, and other possibilities. This will not be limited to just the PSP, and will be put on the PS3 and other Sony products as well.

[Source]

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