In April Sony finished manufacturing 20 gigabyte version of PlayStation 3 and announced about 60 gigabyte version cut price. But later the company declined price cut announcement.

Hard gamers were waiting for the PlayStation 3 price cut, everyone was talking about that announcement. And now, here we are. As Sony introduces new model of the console, it is quite logical to cut price for the previous model.

PlayStation 3 60 gigabyte version will now cost $499 and 80 gigabyte version will cost $599.

"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, CEO of Sony division. "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."

As the PlayStation 3 storage is extended, Sony promised about 60 new games on game software. The list will include MotorStorm racing game that allows up to 12 gamers playing simultaneously via internet. Software upgrades will include PlayStation Home that will be the place for gamers to meet and download software.

New games by first-parties will include: Folklore, SingStar, SOCOM: U.S. Navy SEALs Confrontation, Heavenly Sword, LAIR, NBA '08, Ratchet & Clank Future: Tools of Destruction, The Eve of Judgment, and Uncharted: Drake's Fortune and Warhawk.

New games by third-parties will include: Devil May Cry IV, Dynasty Warriors:GUNDAM, The Darkness, TimeShift, Grand Theft Auto IV, Harry Potter and the Order of the Phoenix, SEGA Rally Revo, Stranglehold, Hellboy, Metal Gear Solid 4 Guns of the Patriots, Ninja Gaiden Sigma, Tom Clancy's Rainbow Six Vegas and Tom Clancy's Ghost Recon Advanced Warfighter 2. HULIQ