Does Ps3 play High definition discs HDD?

[TheFollower]

Sorry for opening new thread as for some reason i could not post in "Ps3 review" thread!!Every time i clicked "Post REply" in that topic it prompted me to login over an over again!

neways, this is my first post here so plz go easy on me.......

B4 asking a PS3 related question let me tell the people here i have read through all of 9 pages of "Ps3 review"topic but could not find what i was looking for.....so hear's my 2 quick questions:

1)Can PS3 play HD Discs i.e. HD movies?Any idea when the mod chips would come out that would play HD discs?

2)As u ppl can see below my Sony is not 1080p,only 1080i and 720p, so i need a practical NO BS assesment of how much visible difference to the naked eye would i be missing out on by not having 1080p??

Thankx....

Also,lastly but not in the least.....i am agreat fan of this site.The people mainting this gr8 site are doing a good job!

Thankx again.....
tk