Just in time for the industry's big trade show, E3, Sony has announced a reduction in the price of the Playstation 3 by $100 US and a new beefier model to be rolled out in Asia initially. Sony's PS3 has lagged behind the Nintendo Wii and Xbox 360 and the move is an attempt to draw more customers to the gaming platform that has been badly beaten at the cash register. A new PS3 with an 80GB hard drive has also been announced, it will sell for $600 US and come bundled with the breakout title "Motorstorm" which has sold a million copies to date. The new price makes it just slightly more expensive than the most expensive Xbox 360, although Microsoft is rumored to be contemplating a price shift of it's own. Good news for the gaming crowd! CNN has the story.