After months of speculation, Sony has finally unveiled its new PlayStation 3 system. As expected, the new model boasts a lighter, streamlined body and will retail for $499 ($200 less than the RRP of the current model). Sony's svelte new PlayStation 3 weighs approximately 3.2kg — 36 per cent less than the current model — and has dimensions of 290x65x290mm. This is significantly smaller than the current console, which measures 325x98x274mm.

The PS3's internal architecture was completely redesigned to achieve these new dimensions, with everything from the main semiconductors to the power supply being replaced. Compared to the original 60GB PS3 model, the total thickness and weight have been trimmed down by approximately a third. The new model will also come with an additional 40GB of storage, taking the total memory size to 120GB.

The new PlayStation 3 loses almost none of the functionality of current PS3 systems (it will still play Blu-ray discs and can access the PlayStation Network). The only exception is the 'Install Other OS' feature, which has now been removed.

It will also come with the PS3 system software update version 3.00 preinstalled. This update adds various features to the PS3 interface, including a 'What’s New' screen (where users can quickly browse the new items available in PlayStation Store) and a list of recently played games on the XrossMediaBar.

Other enhancements offered by the new PS3 include BRAVIA Sync (which allows you to control your PS3 with a Bravia TV remote, via HDMI) and a PS2-style vertical stand (sold separately).