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No idea. I think it actually came from opponents of the PS3 and was meant to downplay the cell in a negative way. I guess PS3 fans have actually appropriated it now.

As far as the origin of cell processors go, I heard an interview with Joseph Matheny (the populizer of The Ong's Hat material) where he was talking about organic computer chips that were going to be very small and that would actually tap into energy in other dimensions for some of their power. I guess the PS3's cell is an early version of this type of chip.