Sony's PS3 console is getting a price cut: in the US, the 160 GB model will now cost $249 instead of $299 and the 320GB model will now cost $299 instead of $349. The cut is also coming to other territories, with both the 160GB and 320GB models getting cut to 249/349 Euros and 24,980/29,980 yen. 

This price drop puts some price pressure Sony's competitors, especially on the 4GB and 250GB Xbox 360s that Microsoft sells for $199 and $299 (at $149 with a pack-in copy of Mario Kart Wii, the Wii has less to worry about in this respect). It also comes on the heels of Nintendo's recent $80 price cut for its 3DS, meant to spur sluggish sales ahead of the busy fall and winter seasons.

The American and European price cuts are effective today, while the Japanese price cut takes effect on August 18.

Source: Kotaku