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I believe the PS3 Slim will arrive around late August/early September but it does not mean it will be sold at a heavily reduced price. It could sell at the same price as the old PS3 models at $399 plus a game or two bundled in. Maybe a $50 price cut to $349 but $299 price tag is highly unlikely. Sony want to make money they can not afford to take heavy losses on PS3 hardware.
Rememer - Sony is not Microsoft they do not have unlimited financial resources.