It's been teased for a while now -- even appearing on the manual for God of War: Chains of Olympus -- but today at its E3 press conference Sony officially announced God of War III for the PLAYSTATION 3.
Sony played a pre-rendered trailer that showed Kratos standing on a crumbling Mount Olympus screaming: "There will be only chaos!" No gameplay was shown. It's not much to go on, and it gives practically no new information, but it's enough to get us excited nonetheless.
God of War III will be developed by SCE Studios Santa Monica and will release in 2009 and be exclusive to PLAYSTATION 3.
UPDATE: In case you missed it, you can now check out the trailer for yourself. Remember to keep checking back for more updates throughout the day.

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