The price of the most expensive version of the PS3, the 320GB model, has dropped down to under £200 without requiring any codes or special offers.
The console was the first to offer a Blu-ray optical drive and includes support for BD Live and 3D.
It also doubles as a full-blown set top box with free or paid for access to online content streaming services like Vidzone, Netflix, Lovefilm or BBC iPlayer.
The PS3 features IBM's Cell Processor which is capable of reaching two trillion calculations per second and is said to be up to 40 times more powerful than the PS2.
Other features include support for Dolby Digital 5.1, DTS 5.1, TrueHD as well as Linear PCM 7.1 plus Bluetooth 2.0, Gigabit Ethernet, two USB ports, Bravia Sync XMD controll, a HDMI out port, backward compatibility, and a 320GB hard disk.
It is worth noting that some of the bigger names on the market, like Amazon, Asda and Tesco are still selling the PS3 160GB for around £190 with the 320GB model only marginally more expensive.
It may well mean that Sony will phase out the smaller capacity PS3 by making the price difference between the two models so small that choosing between the two becomes a no-brainer.