Why do you think the PS3 will be obsolete? It has more then enough processing power to be able to emulate the functionality needed to do PiP which is the only thing added to the 1.1 standard. Why do you believe Sony won't just release a firmware/software update which tells the system how to deal with the new standard?

While this may be an issue for other stand-alone products, something that has the computing capability such as the PS3 should have very little problems at all in being able to deal with this change.