Sony cutting price of PS3 by $100

Sony Corp., responding to one of the biggest criticisms of its new videogame console, slashed the price of the PlayStation 3 by $100 in an effort to increase sales.
The price cut, effective in the U.S. beginning today, reduces the cost of the PS3 to $499

With the cut, the PS3 is now modestly more expensive than Microsoft's $480 Xbox 360 Elite, the high-end version of the Microsoft console most closely resembling the PS3. While the Xbox 360 Elite has a larger hard disk than the PS3 for storing games and other content downloaded from the Internet, it lacks an optical disk drive similar to the PS3's capable of playing high-definition movies.

Chismillionare still prefers the Wii for its innovative game play, but his Finance degree sees an arbitrage opportunity if you want to watch HD movies as well. With the PS3, you get a great Blu Ray player for $499 while getting a cutting edge gaming platform for free!!!