Update: Added official product shots and a video of Jack Tretton introducing the PS3 Slim below.
Original: Sony’s worst kept secret has finally been made official at Sony’s GamesCom press conference today. SCEI chairman Kaz Hirai took the stage at the conference to announce that the new PS3 model will be available in early September. Sporting a 120GB hard drive, a 33% size reduction, and a 36% weight drop, the PS3 Slim will also be carrying a smaller price of US$299/€200. The Slim will have the same features as the current PS3 models, which means no backwards compatability for PS2 games. Hirai also said that the current PS3 models will share the $299 price tag starting tomorrow. The release date for the PS3 Slim will vary by region, but should be available in all territories by the end of the first week of September.