Considering the filing date (in 02), it's not NEW, that's for sure... If it was ever PS3-related it must have been before Nvidia was contracted to do the GPU.
I'd totally expect a traditional polygon renderer in PS3. Probably coupled with eDRAM.
Though Cell entered into conception at PS2's launch, '99. Two years on, thinking about renderers, maybe an approach for raycasting was patented?
Though I expect a traditional poly renderer, I still hold out hopes for some more exotic features. If they could somehow squeeze dynamic GI, PS3 would own the graphics world