What is EyeCreate?

PLAYSTATION Eye include:

• A sophisticated microphone with the ability to reduce background noise and focus on spoken word for smoother, more accurate speech recognition
• Engineered to perform in low-light conditions
• Faster frame rate for improved tracking, responsiveness and smoothness
• Two position zoom lens for close-up and full body options
• Free EyeCreate editing software, which allows users to save, edit and add cool visual effects to photos, video and audio clips
• EyeCreate also enables user to capture videos and audio clips directly to your PS3s hard disk drive and access a range of different capturing modes, including slow motion and time-lapse.

Hmm it looks like the PlayStation Eye itself will be released on October 31st but you can get it with Eye of Judgement on the 23rd.

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[Source: Sony PS3 Modding - Homebrew, Upgrades, Mods, and Hacks]