Here are some more details. The 80GB PS3 (current model) will be discounted to $300, whereas the 160GB PS3 will be $400. There will be a new PS3 logo as well as modifications to the official name from PLAYSTATION 3 to PlayStation 3 as to not be shouting all the time.
It'll also have a BRAVIA Sync feature that'll allow you to control the PS3's XMB with your Sony TV remote as long as they're connected via HDMI. And the TV will automatically turn off the PS3 when the TV goes off.
There's also a vertical stand retailing for $24 on September 3. Whether or not you can stand it up vertically for long periods of time without the stand is unknown. Sony also says that they're eliminating the feature of installing other operating systems on the Slim, so no more Linux.
Sony has finally dropped the curtains of the new sexier PS3 SLIM at the GamesCom expo in Germany yesterday, the new PS3 SLIM unit is 32% smaller, 36% lighter and at the same time consumes 34% less energy as compared to previous PS3. Latest PS3 Slim will be shipped with a inbuilt 120GB HDD, other features remains the same as of the older PS3. Sony has also announced a price drop on the PS3 SLIM , the new unit will be available beginning first week of September for a retail price of $299.