Similar to what they did during E3 2011 Sony will be airing their press conference at Gamescom 2011 live in PlayStation Home. Sony has set up a dedicated Gamescom space in Home where you can watch the conference.
Sony explained on the PSBlog;
On August 16th at 5pm CET the space will be available from the Navigator and the Whats New section of the XMB,
We will be streaming the Sony press conference live into the space from 7pm CET onwards, but dont worry if you miss it the first time round; we will be looping the hour long press conference once its finished and we will also be putting up video edits in the space later on.