The PS3 Slim, coming to stores September 1, will sell for $299 USD. That is still a lot of money, but it is half of what a PS3 sold for three years ago.
Aside from the cost, the biggest PRO for me is that it comes with a blu-ray player. A blu-ray player alone costs around $300.
The biggest CON is that it is not backward-compatible with PS2 games (though it will play certain PS1 games).
Review:
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