[caption id="attachment_7694" align="aligncenter" width="340" caption="PS3 Slim $299"] ps3_slim_closeup[/caption]

The rumors are over as less than an hour ago at Gamescon Expo in Cologne, Germany, Sony Computer Entertainment CEO Kaz Hirai announced that the PS3 was getting a new model, the PS3 Slim.

The PS3 Slim boasts 120 gigs with a $299 price tag and a urgently needed redesign - sleeker, lighter and more compact than the original George Foreman Grill lookalike that was the original PS3.

Play Station has played second and third fiddle to the Nintendo Wii and Microsoft's X-Box 360, largely due to price I would imagine as it's specs and features like Blu Ray have never been in question.

All indications point to this price cut taking effect immediately for all 80 gig units in stores now to make way for the Slim's which should begin shipping in early September.

I'm getting one...

(You can order the PlayStation 3 Slim on Amazon by clicking the link.)

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Tags: Games , Video Games , Blu-ray , News , Rumors