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Looks like Sony finally woke up to the fact that they went too far from what made the PS2 the success it was (being the mainstream console instead of the manly 'core gamer' console).
The new logo is much more reminiscent of the PS2 branding.

Now if only they can work on diversifying their game line-up so it has more than LBP and Singstar to attract more casual gamers (and frankly creating user generated content is pretty core still).

Hmmm... how long until we see a pink PS3?