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I highly doubt we'll see a PS3 price cut. Not until the fall at the earliest.

A 40gb sku wouldn't decrease their production cost by more than a couple dollars so it certainly wouldn't make sense to sell that for $299 either. Might as well drop the 80 sku. A 40gb with backward compatibility will INCREASE costs over existing skus and need to be more expensive not cheaper.

I expect only PS2 will drop price but we'll see some major firmware upgrade for PS3, netflix maybe and maybe some game announcements.