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I saw this for the first time today on the front cover of T3 magazine, I did not have time to read through it but here is what I cold find and seeing as there is no other thread on it I thought here goes:

Sony is planning to release a redesigned PlayStation 3 console this autumn, according to gadget magazine T3.

According to the report, a source has stated the machine will be a smaller and lighter model but still contain Blu-ray capabilities. The report also suggests the console may also feature a 160GB hard-drive.

The rumour mill has gone into overdrive this week, with various reports claiming new skus are on the way, possibly to be announced this month at GDC 2008. While a PS3 with bigger hard-drive is certainly a possibility, a slimmer hardware offering seems a little far-fetched this early in the products life-cycle.

Sony responded to GamesIndustry.biz's enquiries with an expected "we don't comment on rumour or speculation."

Sony has a history of offering slimmer, more compact consoles once the established unit has begun to prove profitable and manufacturing costs have been reduced.

The PSP Slim & Lite was introduced last year, and both the PS2 and original PlayStation received compact makeovers during their life-cycles.

http://uk.gizmodo.com/2008/02/04/ps3_slim_lite_rumoured.html

http://www.t3.com/news/sony-playstation3-slim-and-lite?=35165#

I can't imagine thats a final design just a mock up with ideas from the PS2 slim with the PS3 wave slapped on.  I think we all know a slimmmed down PS3 is on the way but this year?