David Reeves (SCEE) has revealed that the previously released in the US PlayStation Video Store, will not be making its way to the "PAL markets this year." The reason for the delay is that Sony believes "local content is important" which is what Sony are "working on right now. The dates for video content will come later this year."
The PlayStation Video Store service contains movies and television programmes for users to download in SD and HD. It will take approximately one hour to download a full two hour SD movie, though you stream the movie/television programme as you download.