Are you really suggesting that the Cell processor that will be in the PS3 could have a hard time doing sound processing?
The same sound processing that today PC CPU could do, using software solution, with little to no hit at all? You're not the only one to have a hard time to believe this.
Eh? Some crappy software based solutions have up to a 50% performance hit on modern cpus, and they're not even doing dolby digital encoding. I don't even know if current PC cpus are powerful enough to do completely unassisted dolby digital encoding on top of all the EAX HD effects.
Even just stereo sound on quality sound cards typically has a 10% performance hit(5% on soundstorm) over no sound.
BTW, all 3 consoles seem too similar. Nintendo should go with a K9(fabbed by IBM of course) and a powervr gpu(or at leave a flipper 2). Nintendo seems to least like having their console like others(they're the most proprietary and been stubborn just to avoid being like the competition), whereas I think Sony just tries to do whatever they think will work out best. In the case of the PSX I believe they looked to nintendo for guidance, and for the ps2 they tried to defy the way of the pc.