Sony has announced that the price of its PlayStation 3 game console in the U.S. is getting slashed. And an even cheaper model will arrive before the holiday shopping season! The top-of-the-line 80GB model now costs $499, down from $599. The lower-end model with a 60GB drive was for $499. So the new 40GB one will debut on November 2 for $399. The new 40GB one won't be able to play games made for the PlayStation 2. The 40GB model has been much anticipated after Sony announced it for Japan and Europe. The prices (cut) still don't make the Sony PS3 less expensive than the other consoles in the market.

The Xbox 360 costs $350 and Nintendo's Wii costs $250. The PlayStation 3 has been trailing them both in U.S. sales. Sony has sold 5 million PlayStation 3s since they went on sale in November last year.
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