If the PS3 Slim is legit and releases at $299 - What will it do for sales?

[Soundwave]

I would guarantee Microsoft would respond with their own "XBox 360 Slim" for cheaper. 

A slimmer redesign doesn't necessarily mean a $100 price cut either. Sony is already hurting for losses, a $50 cut it more likely. The PSP redesign did not come with a price cut either.