The new model is 25% smaller and 20% lighter than the current PS3 (itself a redesign from the original version), and will come in two flavours: 250GB and 500GB. It'll also be available in two colours, white and black. The black console will be out on in Japan October 4, while the white model will be out on November 22.
It's the PStriple!
But honestly, what's the point of making it even smaller? Were some people holding back for a PS3 because the last version was too big? Regardless, I still call the design a fail, with that curved top. I prefer simple boxes that can be stacked, like AV equipment and DVD players. And matte, while we're at it. I never understood the world's admiration with piano black glossy finishes that show fingerprints and dust within minutes. I still think the original PS2 had a far better design than any of the PS3's.