Besides losing a few features, it looks like a few components in the new 40GB PS3 model that Sony announced for Europe and North America a while ago have been replaced with newer ones.

The new model includes the 65nm version of the Cell processor, reducing the power usage from 200 Watts to ~135 Watts, meaning it runs cooler and quieter. The heat pipe is apparently also smaller and the motherboard has been exchanged with a newer version.

Cooler and quieter tech is always welcome, so a tip of the hat to you, Sony.