The BDP-S350 and BDP-S550 models both support BonusView (Picture-in-Picture) featured on some of the new Blu-ray Disc theatrical releases. The BDP-S350 model is BD-Live ready featuring an Ethernet port for an easy firmware update and access to Internet-based interactive content features. The BSP-S550 is BonusView and BD-Live capable when it ships.
Both models also feature an external port for local storage, so users can add optional storage device. The BDP-S550 ships with a 1GB storage device.
Priced at around $400, Sony's BDP-S350 Blu-ray player (Profile 1.1) is due this July, while its BDP-S550 player (Profile 2.0, priced at around $500) is expected to ship this fall. Take a note, S350 is Profile 2.0 ready (assuming you'll be needing memory stick if you want to take advantage of BD-Live.) Otherwise S550 has 1GB storage device built-in.