It’s been rumored for quite some time but yesterday Sony announced pricecuts for the PS3 along with the PS3 Slim. The PS3 Slim will come with you choice of a 120GB or 250GB hard drive and they start at $299. The Slim consumes 34 percent less power and takes up 32 percent less space than the Phat version. In addition to this news Sony also announced that the PS3 will also get new firmware 3.00 update that brings a bunch of new features including status indicator, custom themes, avatars, redesigned friends list and trophies. Sony has slashed the price of the current phat PS3 to $299 while we eagerly wait for the Slim this September 1.