Well it’s about time. We’ve heard rumor after rumor about a low price Playstation 3 coming soon, but now it’s official. The 40GB PS3 exists, although it will differ significantly from the standard 60/80GB version.

 For now, the 40GB PS3 is only confirmed for the UK, says Gamespot, and it will hit October 10. It will carry a price of £299, or about $610, which is cheap compared to what they were paying for the original PS3.

Unfortunately, in order to decrease the price, the new low-cost unit drops the multi-memory card port and PS2 backwards compatibility. But if you have a PS2 lying around and all you really want to do with your PS3 is play a little Warhawk, watch a Blu-ray movie every now and then, and play a couple games down the road, why not? Interestingly, the new PS3 will maintain PS1 compatibility.

Sadly, the UK starter pack, which includes two games and two controllers, will get dropped but so will the price on the regular 60GB PS3. The new 60GB PS3 package will be known as the "Value Pack" from here on out. It will feature two games, one controller, and the 60GB PS3 of course. The new price will shed £76 (pun intended), or about $155, from its original £425, or about $868, totaling £349, or about $712.

Despite the $155 price drop, that’s still sounds brutal here in America, where the 60GB PS3 runs for $499 or even lower if you look for the deals.

Does that mean there’s a 40GB PS3 coming to America too? Perhaps the rumors were just for the UK, so, for now, it looks like Americans looking for a cheaper PS3 will have to play the waiting game instead (yes, it’s intended).

Related:

60Gb PS3 to be discontinued - 40Gb and no backwards compatibility as standard

Trying to steal Halo 3’s glory: Sony to announce 40GB PS3 this week?

Soaring sales of PS3 thanks to 60GB model, 40GB version flops

E3 2008: Sony confirms new PS3 and PSN movie download service

DualShock 3: PS3 controller with rumble is official

Entry was posted on Friday, October 5th, 2007 at 2:04 pm under PlayStation 3.

Read more entries by Danny Mendez.
Stumble It! Tips N4G