Yup. Here goes...
Originally the PlayStation started life as Sony's candidate for the SNES CD-ROM. When Sony and Nintendo had a majour disagreement over licensing, though, Sony split and took the hardware with them.
Initially, the standalone they started calling PlayStation was to be a media centre like what's being discussed today, with features like out-of-the-box VCD and SVCD support (or some equivalent thereof), and through a cross-licensing agreement, it would also have had an SNES cartridge slot and nearly full compatibility with SNES games.
However, when this PlayStation was being demoed, Sega was already starting to unveil what would become Saturn (at the time, only one SH-2 and I think a few other things weren't in there yet), and they got wind of Nintendo's unholy alliance with SGI and Rambus... and they freaked out; their PlayStation was sorely outclassed.
So they took it back to design.
They replaced the 16-bit processor with the 32-bit r3400i, and added an external FPU, the GTE. They replaced the mostly-2D video chip with an almost 100% 3D chip, and planned to use that as a marketing point to upset Saturn's continued 2D focus. They also ripped out the multimedia and SNES functions - too expensive with the powerful hardware.
The revised, games-ONLY machine was re-badged the PlayStation X.
(as a result of PSX, Nintendo focused more on serious 3D capability, and Sega panicked - they realised the single 28.6MHz SH-2 could NOT compare to the ~30MHz (not final at the time) r3400i + GTE, so they popped in a second SH-2 and I think they also added VDP2... and they advertised Saturn's difficult 3D capabilities more... but that's what caused Saturn's failure - the PlayStation X drew attention to 3D and initially, Saturn simply couldn't compare)