SamuelRSmith on 01 October 2008
Seeing as mrstickball has covered the Xbox side, I'll deal with the PS side:
When you get a replacement console, or whatever, just log into your account and redownload your stuff.
Like the Xbox, all downloaded content can be retrieved, and all the trophies and shit can be synced across.
EDIT: Not only am I late, but my post seems to have considerably less detail than above.
