Despite having unveiled the Wii's successor at E3 earlier this year, Nintendo plans to give its motion-controlled console a shot in the arm ahead of the busy holiday season with a slimmed down version of its existing model. Dubbed the "Family Edition Bundle" the new Wii package will come equipped with the refreshed console in classic white, a Wii Remote Plus controller with the nunchuck accessory and copies of Wii Sports and Wii Party to get you started.

This Is My Next claims the bundle will also carry a reduced price but so far an exact MSRP hasn't been revealed. Currently, the Wii is selling for $150 with a copy of Mario Kart and the Wii Wheel peripheral.

It's worth noting that the price cut and slimmer profile will come at the expense of one feature, though: backwards compatibility with GameCube games and controllers won't be available as it is with the current version of the console.

The move comes as Sony announced it is cutting $50 off the base 160GB PlayStation 3 to $250, while the 320GB version is now $300 and comes with a copy of Infamous 2 (released in early June with a decent Metascore) and a 30-day PlayStation Plus membership. It also announced a new budget version of its PlayStation Portable for €99 in Europe.

The redesigned Wii, designed to sit horizontally rather than vertically, is expected to hit European markets before Christmas but Nintendo remains mum on other territories.