After weeks of speculation, Sony has confirmed what was increasingly become one of the gaming industry's worst kept secrets: a brand new, smaller version of its PlayStation 3 console is arriving over the coming weeks. Officially marked for a roll-out starting on 1st September, the new version of the PlayStation 3 is around two thirds of the size and weight of the original machine, and the official press blurb declares, "The new PS3 system features a new meticulous design with textured surface finish, giving an all new impression and a casual look."

In the words of one wag in our office, "It still looks like a George Formby grill. Just a smaller one."

Coupled with the announcement of the new machine is a price cut for the console, which is always welcome. In the US, both the PS3 and PS3 Slim in their 80GB guises will be selling for $299, with a $399 price tag for the 120GB version. In the UK, meanwhile, the machine is coming down to £249,99 across the board. These prices, incidentally, still make the machine more expensive than both the Nintendo Wii and Microsoft Xbox 360 machines, with the prices of the latter expected to fall in the next week or two as well.

Incidentally, Sony has also confirmed the UK price of the PSP Go handheld machine. That'll be selling for a staggering £224.99. Or the price of around three Nintendo DS consoles.

All of the price cuts will come into effect in the first week of September, which is when Sony will begin the job of phasing out the old PlayStation 3 units, and gradually replacing them with the PS3 Slim instead.