Article taken from: http://www.engadget.com/2009/08/18/sony-debuts-slimmer-ps3/
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"Hardly a surprise, but Sony got on stage today at GamesCom and confirmed what we've all known deep down in our hearts: the new, slimmer PS3 is really real. It'll be out in the first week of September (September 1 in North America and Europe, September 3 for Japan), and will retail for $300 (or 300 Euro, or 29,980 Yen). It's smaller and lighter, has a 120GB HDD, and packs "all the same features" of the regular PS3 while consuming 34 percent less power and taking up 32 percent less space. Existing PS3 SKUs have their prices dropped a hundie apiece tomorrow in anticipation, so be sure to grab a space heater while you've still got a shot -- though we're not sure why you'd pay $300 for an 80GB PS3 when you can wait a couple weeks and get 120GB in a cuter package. A couple pics of the unveil are after the break.
The new 3.0 firmware will be released concurrently with the PS3 slim, which should provide a breath of fresh air for existing machines. Other new features of the PS3 slim include BRAVIA Sync, which allows you to control the PS3 XMB over HDMI through your BRAVIA TV remote, and System Standby to shut off the PS3 when the BRAVIA TV is off. Sony also claims this new machine will run more quietly than existing PS3 systems, which is good news for people who like to watch movies or have conversations in the general vicinity of their game console. There's also a Vertical Stand, which will retail for $24. Not so awesome is Sony's removal of the Install Other OS feature... farewell, Linux. We hardly knew thee."