The PS3 Slim was officially announced today at Sony's GamesCom press conference in Germany.

Back in June, we did a story about a possible slim version of the PlayStation 3 and today Sony finally announced the PS3 Slim after weeks and weeks of speculation and rumored sightings. Kaz Hirai, Sony's President and CEO, made the announcement at their GamesCom press conference today. The new PS3 Slim will have all of the same features and functionality of the current model but it will be 32% smaller, 36% lighter, and will consume 34% less power. The price for the new model will be $299 and it will be released the first week of September.

Sony also announced that the current models will be dropped down to $299 starting tomorrow. I'm curious to see if this is what the public has finally been waiting for or is it just too late for Sony's flagship console.