The PS3 Slim has finally been officially announced by Kaz Hirai at GamesCom, together with a price cut for the existing PS3. As you can see above, it's sinfully ugly. It doesn't even have the awesome touch-sensitive buttons anymore, and it's managed to get ugly, black lettering. It looks generally tacky and cheap.

However, it's got a 120gb hard drive, it's 32% smaller, 36% lighter and has 34% less power consumption. It's certainly not all bad news - it's cheaper too.

It's supposed to be 299 Euros, $299 and 30,000 yen. The original PS3 will drop to that price tomorrow. We don't know what the price is going to be in the UK (£s), but you can bet at either £200 (less likely) or £250/260 (more likely). You can see images of the Slim here.