Sony cuts PS3 price to $499, new $599 80GB model to hit North America in August

Despite denials, Sony has made official the new $499 price point for the PlayStation 3 that we've started to see appear in retailers across the US. The 60GB model's new price point will indeed be $499, with a new 80GB model going on sale for $599 in the US and Canada in August. As a small bonus, the 80GB version will include a "free" copy of MotorStorm. So there ya' have it kids: in one quick swoop, Sony has made the PS3's price a whole lot more competitive.

Update: Looks like the cat's out of the bag. Here's the release.