Sony has delayed the launch of the PS3 in Europe by 4 months until March 2007, however the new console will still launch in Japan on Nov 11 and the US on Nov 17, 2006.
The most likely reason is a limitation in planned volumes of the console available for a simultaneous launch, since the planned number of units available for Japan and US has also been halved from 4 million to 2 million. Sony were originally planning 2 million available on launch day, plus a further 2 million available by year end. Sony have said that the delay will allow them to meet their planned 6 million units sold by March 2007.