IBM's Blue Gene/L has been named the most powerful supercomputer in the world by TOP500 Organization, the world's foremost supercomputing authority. The Blue Gene/L set a record of sorts, with a sustained performance of 280.6 Teraflops, or trillions of floating point calculations per second.
The other 2 supercomputers that feature in TOP500's "top 3 supercomputers" are; IBM's Blue Gene Watson system at 91.29 Teraflops, and Lawrence Livermore National Laboratory's recently unveiled ASC Purple supercomputer with 63.39 Teraflops.
Wonder where the Param family of Massively parallel processors developed by India stand in this race? I googled up IIIT Bangalore's Prof Sadogopan's blog for some info. Looks like we have dropped form the 500 list in 2005. C-DAC get your act together dudes.