The 22nm process is a neutral-news/bad-news kind of announcement for the PS3 in my opinion ...
There is an element of it being good because it means that Sony should be able to reduce the cost of the PS3 faster than many would expect, and in 2010 they may finally have the PS3 down to the mass market price of $200; this ends up being fairly neutral because both Nintendo and Microsoft use the same manufacturing process with their CPUs as Sony uses with the Cell so they will also be able to take advantage of the cost reductions.
Where this becomes bad news is in what it means in terms of how the PS3 will compare to new hardware after its fifth birthday. The difference between the Gamecube/XBox and the PS3/XBox 360 is 2 manufacturing processes, the difference between the Dreamcast/PS2 and the PS3/XBox 360 is 3 manufacturing processes, and the difference between the N64 and the PS3/XBox 360 is 4 manufacturing processes ... The 22nm process is a 4 manufacturing process difference from the XBox 360/PS3 (and it is possible that by the end of 2012 we could see a 16nm process which would represent a 5 manufacturing process jump). Even if you factor in diminishing returns, when you're dealing with a 4 or 5 manufacturing process jump you should be able to produce a very noticeable improvement while keeping costs at a very reasonable level.
