The system will hit store shelves on September 1 and will be priced at $299.99, that would make it the same price of the Xbox 360 standard model and only $50 more than the Nintendo Wii. The system is smaller, lighter and greener using 34% less energy.
Sony is hoping that dropping the price of their system will drive up sales. The PS3 has not been performing well, being out sold by the Nintendo Wii, Xbox 360 and even, in some cases, the PS2.
Dropping the price is the right thing to do for the PS3, but it still needs to make up a lot of ground and can it? The Xbox 360 has the better online experience and the Nintendo Wii has taken the casual crowd. PS3 has also lost a lot of good exclusives, due to it's poor performance, which has made it easier for the 360 to grow and gain a lot of the good exclusives.
The PS3 is fighting an uphill battle and I think that this is a step in the right direction, but the road ahead is still very rocky for Sony and their system.