Sony has had a hard time from the beginning getting rid of its
PS3. inventory. With the
XBOX and the
Nintendo Wii priced considerably lower, this price cut was inevitability coming sooner or later!
Effective immediately, the price of the 60GB PS3 will be $500. While the $100 price drop may not have been enough for most consumers to run out and pick up a PS3, Sony is heading in the right direction.
My guess would be wait a little while longer, and you will see another price cut.
-jmet