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The current PS3 models each had $100 shaved off of them: effective tomorrow, the 80GB PS3 will be $299 and the 160GB PS3 will be $399. Like the current PS3 models, the PS3 Slim is not backwards compatible with any PlayStation 2 games. The PS3 Slim is 32 percent smaller and 36 percent lighter and has 34 percent less power consumption than the current model. It will have all the same features and functionality as the current PS3.
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I still love my old PS3. This new design looks very simple and it has the PS2 style mark instead of the Spider-Man style font on the old PS3.