[UPDATE] Sony’s announcement can also be seen via the PlayStation channel on TwitchTV, or live on this very page:

Live video from your iPhone using Ustream

Mere hours remain until Sony is expected to unveil its next-generation video game console at a major event in New York. The excitement is building while the rumors and leaks surrounding the console have filled gamers’ imaginations this past week. Sony itself has even added to the hype with a series of retrospective videos on past consoles and games that have been posted to the event’s web page.

This evening the speculation will end and Sony will either usher in a new era of video games or disappoint millions of gamers across the world. The company is obviously confident, as the presentation will be streaming live online. Sony clearly wants the entire world to be watching.

The presentation will be streaming in several different locations. The event website will, of course, host the stream, as will the latest PlayStation Blog post about the event. The PlayStation Facebook page will also have a stream available, and PlayStation 3 owners can watch the presentation live on their consoles through the PlayStation Home app or through the “What’s New” section of the PS3 Media Bar.

The presentation begins at 6 pm EST / 3 pm PST / 11 pm GMT, which is also 10 am in Sydney and 8 am in Tokyo on February 21, for those gamers on the other side of the world.

Don’t be late. Console announcements don’t come often.