Okay, I tried my best to dumb it down for some of you here... I don't really know too much about anything in particular... but I know enough about the basics (or so I think)...
I implore you to correct me if I'm inaccurate in any of my descriptions or if I'm not as descriptive as you think it should be.
When looking and comparing the measurements of any of this stuff, just keep in mind "the bigger it is the better and faster it usually is".
Processor: (aka CPU) The brain of the computer system. Usually measured in either gigahurtz (GHz) or megahurtz (MHz).
Memory: The storage area of the computer. Where stuff is stored for the processor to interpret. This is usually measured in megabytes (MB).
GPU: GPU is kinda like the CPU... Except the "G" stands for graphics. This is the video card of the machine. Measured in megahurtz (MHz). Without this, the CPU would be under quite a lot of strain to interpret heavy graphic oriented material (like a game). NVIDIA and ATi are both leading manufacturers in the videocard industry. (I personally prefer NVIDIA)
Best Display: The display options for the system. (Seems self-evident to me, but I don't know how to explain it...)
Network: What connects the machine to the internet. Wi-Fi means wireless networking. b/g is basically the "version" of networking... b is the standard... g is the better than standard (newer and faster rates for NETWORKING). Regardless if your network is b or g, you should still have the same internet speed so neither matter and both are compatable with whatever high speed internet router you choose.
Audio: The audio options for the system. 5.1 is surround sound (Two speakers in front of you to the right and left, two in the back of you right and left and one center speaker right in front of you = 5. The .1 is for a subwoofer.) (There are better audio setups out there these days [like 7.1+]) but 5.1 is still the most common used.)
Wireless Input: This has to do with how you can plug stuff into the system, without actually "plugging" anything... (thus wireless!). This allows you to have cordless equipment (such as your controller). Bluetooth is basically a short range radio technology. RF is a standard radio frequency (I'm not positive but I think this means it is pretty much remote-control/infrared type technology...)
Storage: The hard drive in the system. This is measured in gigabytes (GB). This is the part of the machine that stores, reads and even writes data on your system.
Dimensions: The physical size of the system.
PS3 is definately worth the wait in my worthless opinion.