One of the biggest gripes gamers have about Sony's PlayStation3 is the fact that getting one would figuratively cost you an arm and a leg.

Ray Maguire, Managing Director of Sony Computer Entertainment UK assures people that there will be a massive price cut on all PS3 units this coming Wednesday across the country.

From what used to be a whopping 425 GBP (around US$ 866), Maguire said that they would be selling the new, price-slashed units in two flavors: a 40GB version with various extraneous bits taken out for GBP 299 (around US$ 611), and the full 60GB version with two games for 349 GBP (around US$ 713).

He explained that the 40GB unit will have a brand new SKU taken from the 60GB version. Furthermore, the entry level 40GB unit will be working without backwards compatibility, a memory stick, and two less USB ports as well.

Maguire said that because there is a reasonable amount of games out in the market right now (65 titles all in all) the need for backwards compatibility wasn't so much of an issue as when the PS3 first came out. The 60GB version will have all the trimmings the original PS3 had.

The price-cut was mainly a PAL territory initiative, although the 60GB offering will be strictly UK only. If you're looking to buy a good gaming console and a Blu-ray player all rolled into one, US$ 611 is definitely a good deal especially now that the Christmas season is just around the corner.

Despite the fact that with the Xbox 360's sudden boost in sales with the recent release of Halo 3, Maguire hopes that this price cut for the console will considerably help boost their own finances. He goes on to say that their own Christmas titles, such as Ratchet & Clank and Uncharted: Drake's Fortune are both something that gamers should not pass up on when they finally come out.