Yes, just like E3 2011, you can watch Sony press conference at Gamescom on Playstation Home. Sony has set up a dedicated Gamescom space in Home where you can watch the Sony press conference live.
“On August 16th at 5pm CET the space will be available from the Navigator and the What’s New section of the XMB,” explains Sony. “We will be streaming the Sony press conference live into the space from 7pm CET onwards, but don’t worry if you miss it the first time round; we will be looping the hour long press conference once it’s finished and we will also be putting up video edits in the space later on.”
Via PS Blog.