Well, Sony has denied it again and again, but according to this official press release, the PS3 is getting a price cut. Effective
immediately the 60 gig model in stores now will be available for $499. Meanwhile, Sony is releasing a new 80 gig model in August that will also feature MotorStorm as a pack-in game for $599

from the release:

“As we move into the next phase of PS3, it’s important that we continue to evaluate our product line, offering consumers the technology and features that meet their growing needs for new forms of media and the way in which it is delivered,” said Jack Tretton, president and CEO of SCEA. “The introduction of the 80GB PS3, the new pricing for the current 60GB model, the availability of more than 100 new software titles this fiscal year and, finally, the expansion of services for PLAYSTATION Network, will provide even more options for users and will help bring new consumers into the PS3 fold.”

When you compare the slightly chear Xbox 360 Elite, the first glaring difference is the hard drive space, but when you factor in Blu-Ray compatibility (assuming you’re into that sort of thing) I don’t know that the hard drive space really matters all that much. Readers are going to be divided on which system provides the better value, and that’s fine…but either way, the PS3 becomes much more appealing at $499….now, if they could just get more than a handful of decent games….

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