The "S" stands for savings

We reported earlier about a rumoured price cut, and now it looks like those rumours have mostly come to pass.

Sony has just announced at Gamescom that it's dropping the pricetag on the PS3, effective immediately. That's €249/ $249 for the 160 GB model and €299/ $299 for the 320 GB version. CEO Jack Tretton commented on the official PlayStation Blog:

While others in the space are losing steam, PlayStation 3 is gaining momentum and giving gamers everywhere more of what they want... at a great value. Today, I believe that value becomes even more evident.

No UK price has been announced, although has already dropped the price to £192.00 for the 160 GB model. There are also reports of their dropping the 320 GB model to £215, though the current listed price is £257.00.

To re-live the excitement, you can re-watch the live stream to your heart's content.

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