Head to Cnet for the full details but here is a quick summary of what you are getting in to.
Available on store shelves September 1st, the long rumored re-boxing of the Playstation 3 software will finally be available to the public. Carrying a price tag of $299 the system doesn’t reestablish PS2 backwards compatibility or add IR for remotes. But it keeps all over functionality, playing Blu-Rays, DVD, CD’s, and PSOne games. The Slim will have a 120GB hard drive as well, and is upgradable like the current gen model. The new slim will also ship with firmware 3.00 and will definitely fall onto many more Christmas lists again this year.
If you have been waiting to take the Blu-Ray plunge, this is the way to go! The PS3 is still one of the top Blu-Ray players out there with great up-conversion for your existing DVD’s to boot. Plus you can play video files through a flash drive on the PS3 in excellent quality as well. So if you are looking for an excellent home video machine, this is it, plus you get a great video game system on the side!