Awesome gaming system.

The good: Slimmer, more compact design with quieter operation; all games in high-definition; easy-to-use interface; doubles as a Blu-ray and upscaling DVD player; built-in Wi-Fi; 120GB hard drive; HDMI output with 1080p support; no external power supply; built-in Web browser; free online gaming service.
The bad: Lacks backward support for PS2 games; no infrared port means non-Bluetooth universal remotes aren't compatible; online gaming, media, and commerce options still aren't as fully developed as Xbox Live, though they're getting better.
The bottom line: With a smaller design, more energy-efficient operation, lower price tag, and built-in Blu-ray and multimedia capabilities, the PS3 Slim delivers a compelling package for an affordable price.

All-in-One Device, best Value around for Gaming!

More affordable $299 price; slimmer, more compact design with quieter operation; all games in high-definition; easy-to-use interface; doubles as a Blu-ray and upscaling DVD player; built-in Wi-Fi; 120GB hard drive; HDMI output with 1080p support; no external power supply; built-in Web browser; free online gaming service, NetFlix and Hulu with more enhancements to come!

With a smaller design, more energy-efficient operation, lower price tag, and built-in Blu-ray and multimedia capabilities, the PS3 Slim delivers a compelling package for an affordable price.

exellent

THE GOOD

slimmer, more compact design with quieter operation; all games in high-definition; easy-to-use interface; doubles as a Blu-ray and upscaling DVD player; built-in Wi-Fi; spacious hard drive; HDMI output with 1080p support; no external power supply; built-in Web browser; free online gaming service.


THE BAD

Lacks backward support for PS2 games

This is a great product.

More affordable $299 price; slimmer, more compact design with quieter operation; all games in high-definition; easy-to-use interface; doubles as a Blu-ray and upscaling DVD player; built-in Wi-Fi; 120GB hard drive; HDMI output with 1080p support; no external power supply; built-in Web browser; free online gaming service.

$299 PS3 FINALLY competitive with Xbox/Wii

The new PS3 and price point really deserves a 5-star rating (relative to ALL previous PS3 console releases)... unfortunately this system is not ALL it could be, and with the equally reduced Xbox360 prices, the PS3 now only has a marginal edge over the next-gen market.

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The Good: There's so much to say here--you get the SAME great hardware in the most recent GEN PS3 80gb--but with capacity increased to 120 GB. 25% starting price reduction. 30% lighter AND slimmer. 30% more energy efficient (and MORE than 50% more efficient than GEN1 PS3's). The same CPU/GPU power of previous PS3 consoles. You retain the ability to swap hard drives easily. New matte finish that is both scratch and fingerprint resistant. Added compatibility with Sony Bravia hardware--limited appeal, but a bonus.

The Bad: Two USB ports maximum--disappointing. Lack of memory card readers--not a big deal. Removal of the dual-boot Operating System feature--a slap in the fact to Linux fans. The refusal of Sony to bow to consumer demand and enable PS2 emulation at the software level--disgusting.

The Ugly: While the new matte finish is more scratch and fingerprint resistant than its predecessors, it gives the PS3 a MUCH less professional look. Most will agree that the new design is uglier, and rather bland (see logo).
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Conclusion:
Even with the most recent xbox360 price drop, Sony FINALLY has a leg up on the competition, in terms of price-to-performance ratio. The xbox360 is arguably equivalent, if not for the lack of a Blu-Ray drive, which is a MAJOR selling point for the PS3. At only $50 more expensive than the Nintendo Wii (without a price reduction planned), the PS3 may easily begin to siphon off sales from Nintendo come the Holidays.

The REAL difference between consoles is the ported games and system exclusives. Game ports between the PS3, Xbox360, and PC standards are pretty much a given with the majority of games--the Wii however will end up with watered-down ports in almost every case. At this point, system exclusives on all three systems are nearly equal in terms of quality and customer appear--each system has standout games, which should be used as the main criteria for console selection.

Favor the new PS3 SLIM if only because its hardware is superior AND features a built-in Blu-Ray drive with 7.1 surround... quite the nice perk, what with low-end Blu-Ray players starting at $150 now.