A couple retailers already leaked a new low price of $499 for the 60GB PS3 over the weekend. Today Sony officially announces the long hoped price-cut for the Sony PS3 and surprises with a new 80GB PS3 for the U.S. market.

Beginning in August, the new 80GB PS3 model will be available for $599/$659 CND and will be bundled with the online-enabled racing game MotorStorm.
The 60GB Sony PS3 will sell starting immediately for $100 less.
$100 is a good price-cut and when you combine this with the 5 free Blu-ray movie offer this Summer you got a nice deal. Amazon should be offering the $499 PS3 today.

For me the important success factor for the PS3 is not a lower price, but the appeal of the games.
Sony promises that throughout the holidays and this fiscal year, more than 120 new first and third-party software titles will be available for North American PS3 users.

Key upcoming first-party titles include Folklore(TM), Heavenly Sword(TM), LAIR, NBA '08, Ratchet & Clank(R) Future: Tools of Destruction(TM), SingStar(TM), SOCOM: U.S. Navy SEALs Confrontation, THE EYE OF JUDGMENT(TM), Uncharted: Drake's Fortune and Warhawk(TM). Numerous third-party titles, including several exclusives, will also be available such as Devil May Cry(R)IV, Dynasty Warriors(R):GUNDAM(R), Grand Theft Auto IV, Harry Potter and the Order of the Phoenix, Hellboy, Metal Gear Solid 4 Guns of the Patriots, Ninja Gaiden Sigma(R), SEGA Rally(R) Revo, Stranglehold(TM), The Darkness, TimeShift(TM), Tom Clancy's Rainbow Six Vegas and Tom Clancy's Ghost Recon Advanced Warfighter(TM) 2. Additional games and services will also be available for PS3 system owners through the PLAYSTATION Network including PlayStation Home, a state-of-the-art 3D online community that serves as a meeting place for PS3 users around the world, as well as numerous downloadable games including the highly-anticipated title PAIN.