I think we have to separate the idea of Grid computing from CELL.
CELL is essentially putting multiple processors (and associated memory) on one die.
Using a CELL architecture for the CPU in a gaming console is an interesting idea, and I have nothing against that. Whether such an idea will outperform a traditional architecture is something up for debate, and that's fine.
Similarly, using a CELL architecture for a cluster of server machines hosting a massively multiplayer game is not an uninteresting idea, it has some merit too.
However, Grid (as defined by Globus and the OGSA) is essentially about distributing a computing task using an Internet-scale network to share computing resources among many peer machines.
This, I do have a problem with (in the context of a gaming machine) -- using a Grid to distribute almost-hard realtime game engine tasks which are traditionally performed locally is a very difficult problem, IMHO, and extremely unlikely to have any serious impact on Sony's plans for PS3.
Note that I'm not ruling it out, I'm just saying that I think it's unlikely.
I look at the slides with "HUMAN = 10 PFLOPS" and "WORLD = 100 PFLOPS" on them (doesn't this imply there are only 10 humans in the world?
), and I see a little too much science fiction.
If you want other examples of Japanese funded overly-ambitious pseudo-computer-science flights-of-fancy, just look at the Japanese Fifth Generation (ICOT) Computing project, who's lofty goal announced in 1981 was to create viable Turing-level AI by 1991 through the application of inferential logic systems and parallel supercomputing.
After a decade of work by their brightest minds, and investing billions in research and development, it was delayed over and over, and is today widely considered a staggering failure, if anyone even recalls its existence when asked.
I think the reality is Grid will basically be irrelevant to PS3 (in terms of gaming), and CELL will be a novel and interesting processor architecture, that happens to be used in a PS3.