What I expect to happen:
On August 1, 80 gb 600$ PS3 with Motorstorm comes out as a limted edition.
60 gb takes a few months to sell out, by like October it's gone.
This is followed by the end of the limited edition, and the 80 gb machine becomes the new 'low priced' 500 dollar sku.
Sony introduces a new special edition with more gb and another pack in game and probably a rumble controller at 600 dollars.
So for the holidays, Sony has one limited edition and one normal SKU again at 500 and 600 dollars.
They are going the way of the iPod with continually introducing a new PS3 at the high price and dropping the price of the older versions and getting them out there.
This allows them to improve manufacturing costs over and over and telling people there is a new PS3 version and also telling people there is now a price cut on the former version.

Thanks to Blacksaber for the sig!







