IT'S OFFICIAL: PlayStation 3 to Cost $499, $599

Sony finally releases the pricing details on the PlayStation 3, and they're steeper than you might imagine. Are shortages likely? And will gamers embrace the extravagant price tag?

**See key video highlights from Sony's E3 press conference, including side-by-side comparisons of PS2 and PS3 gameplay, a demonstration of the PS3's new controller, and killer games like Heavenly Sword! Games.net has the scoop!

Sony has released the final pricing details for the PlayStation 3. The unit will come in two flavors: one with a 60 GB hard drive ($599 US) and one with a smaller 20 GB hard drive ($499 US).

The pricing is steeper than many initially hoped for, especially considering that the Xbox 360 currently sells for $299 and $399 (with 20 GB hard drive). There's still no word on the price for Nintendo's Wii, but $249 is the current E3 rumor.

As for a final, concrete release date, Sony is committing to a November 17th launch date in the US and a November 11th launch date in Japan. Sony also pledged to have 2 million PS3's available during the launch window, but that supply will be for the global market; shortages are extremely likely. Sony plans to ship 4 million PS3s worldwide by the end of 2006, and 6 million by March 2007.

This PS3 pricing announcement capped an otherwise humdrum E3 media briefing; the only other surprise was the announcement that the PS3's controller would include gyroscopic sensors that will enable it to respond to movement, much like Nintendo's Wii.

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