Earlier Tuesday, Kmart.com jumped the gun on the announcement and accidentally posted an ad on its home page that revealed a price cut to the "old" 80GB and 160GB PS3s to $299 and $399 respectively and hinted at the impending arrival of the new PS3 Slim.
In Cologne, Sony Computer Entertainment CEO Kaz Hirai performed the unveiling, taking the stage and announcing the PS3 was "getting a new model" and that indeed it was called the PS3 Slim.
The Slim is hitting stores the first week in September and will cost $299 (or for those who live in other regions, 299 euros or 29980 yen). Hirai says it has the same features and functions as the "old" PS3 but is 33 percent smaller, 36 percent lighter, and comes with a 120GB hard drive.
It's unclear how Sony will sell the old 80GB PS3 at the same price as the new Slim, but we'll have more details as they emerge. Until then, feel free to comment.
This article was originally posted on CNET Crave.