Starting this week, the 60GB PS3 will retail for $500, the same price as the now-defunct 20GB PS3. If you had your heart set on spending $600 on a PlayStation 3, have no fear; the price drop makes room for the new 80GB PS3 bundle Sony also announced today. Taking the 60GB PS3's old price point, the new high-end PlayStation will sport a larger hard drive and come with the grimy-but-pretty racing game Motorstorm.
At $500, the PS3 is still just a bit more expensive than competing consoles, including the Xbox 360 Elite (Microsoft's high-end console comes with a 120GB hard drive, but lacking the PS3's built-in Wi-Fi, media reader, or Blu-ray support). On the other hand, with many Blu-ray players still running over $600, this price cut could still be a good deal for home theater buffs, even if they don't want to play video games. The price cut is effective now, so you should be able to go to your nearest game/electronics store and find a PlayStation 3 at its new, lower price.