The 65nm Cell is cheaper to produce than the 90nm. This doesn't mean Sony will cut the price of the PS3 -- they're selling it at a loss as is. What it does mean is that Sony might start turning a profit on each PS3 sold. At the very least, a much smaller loss per console sold. Secondly, since the 65nm Cell is smaller, there will be a reduction in heat production (pretty slick rhyme, huh?). Third, don't confine this Cell to the PS3 -- Sony plans to use it in a multitude of products and a multitude of products plan to use Sony's Cell.
Will European PS3's be equipped with this new, smaller, sexier, colder Cell? We don't know. Will there be a future model of the PS3 equipped with it? Probably. When that is, we aren't sure. They'll probably start tossing these babies in as soon as they find the yields appropriate. Keep your eyes peeled for this new Cell in a PS3 near you!