Sony finally announces what we're all known about for months

Sony today officially announced the PS3 Slim at GamesCom. As previously reported, the PS3 Slim will retail for $299.99 when it is launched during the first week of September. Sony says that the PS3 Slim will have all the functionality of the currently available PS3 models and will be available in a single 120GB SKU.

The PS3 Slim is 32 percent smaller than the original and consumes 34% less power.

In addition to the PS3 Slim, Sony also confirmed that the existing 80GB and 160GB models are getting a $100 price drop starting tomorrow. The prices will be in effect until the stock is depleted. So if you are impatient and need to have a PS3 right now (or just prefer the “fatter” look), this is your chance to to grab the current model. However, it may be wise to just wait for the cooler-running PS3 Slim to arrive in a few weeks.

In other news, Sony also announced Firmware 3.0 for the PS3. It adds a number of new features including a "What's New" section for PlayStation news, a redesigned Friends List, PlayStation Store shortcuts, and an updated trophy system.

You can check out a full gallery of the new PS3 Slim here on Sony's flickr page.

Updated 8/18/2009
Engadget reports that the PS3 Slim doesn't feature PS2 compatibility and it lacks support for Linux.

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