[GregoryRasputin]

PS-X (PlayStation Experimental) was an internal code name for the PlayStation during development. The popular use of the "PSX" abbreviation outside Sony became a source of confusion when Sony Of Japan ignored Sony of America's decision and introduced its PSX digital video recorder in 2003.

A larger sticking point, however, was PlayStation branding. SCEA hated the name and wanted to change it to PSX, a contraction of the project’s codename. “This was actually a huge internal battle, to the point where there was research done among consumer groups,” says Harrison, who, having seen various youth groups reacting badly to the name PlayStation, had his own fears about it. “I remember thinking, ‘Oh my God, the name is bombing and everyone is going to hate it’. I shared the information with Tokunaka-san, and he said, ‘Oh, that’s nothing, you should have heard what people said about Walkman’. And that pretty much ended the debate.” In Europe, at least: the US nevertheless went ahead with early trade promotion, calling it PSX, and had even come up with its own mascot, Polygon Man.

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This is a really good read
http://www.edge-online.com/features/making-playstation