Not really sure whether this can actually be considered a bargain or not since it will still set you back £300. Obviously sony has finally realised its not competing with the XBOX360 and the Wii so they are rolling out a new streamlined model PS3 with a 40 GB hard drive and fewer features. The features its missing are:
* Backwards Compatibility with PS2 Games
* Memory Stick Card Readers
* SACD Playback
* Ethernet Cable
* 4 USB Ports, this model features 2.
The only real issue there is backwards compatibility with the PS2. But then I never owned a PS2 so I don't have any games.. :)