Is Sony's PS3 getting a redesign?

According to T3 magazine and a "particularly well-informed insider," the PS3 is due not just for hard drive updates, but a total design revamp down to a slimmer and smaller package sometime in the Fall. If you believe what you read, the refreshed console will sport all the same specs, but will receive a fresh coat of paint, a trip through the shrinking machine, and probably a lightened load. Of course, this is all just wild speculation coupled with salacious, magazine-selling 3D renders of the phantom device, as Sony denies the existence of an update and we don't really know who this source is. On the other hand, the company pulls this kind of ditzy "who me?" stuff whenever it's got a new product up its sleeve -- though we're not feeling the timing on this shocker.