Rumours are flying around about the final price of the PS3. The real price will not be made public until the 8th of May, but according to an article at Theinquirer.net, the retail price will be $399 for the console containing a 60 gigabyte hard drive. This might strike some as a little on the expensive side, but its certainly a better price than the 499 euros suggested by Sony Computer Entertainment Europe George Fornay only just recently.
The PlayStation 3 is the successor to the PlayStation 2 and will mainly compete against the Nintendo Revolution and Xbox 360. It will be backwards compatible with earlier PS1 and PS2 games.