At gamescom today (or yesterday... who know how this crazy time difference works) Sony announced a price drop for the PlayStation 3. We've just received word from Sony that the price drop will also apply to the Australian market.
The PlayStation 3's 320GB model will now retail at an RRP of $449.95, whilst the 160GB model costs $349.95. A pretty decent deal all considering. The price will be effective August 22.
Personally - I'd recommend going for the model with less storage, since for the most part I stream media from my home PC, through my PS3 and, despite having a huge amount of DLC and downloaded games from the PlayStation Store, I haven't come close to maxing out the 120GB HDD I have in my PS3.
It's also worth nothing that you can install a new hard drive into your PS3 at any time.
Great deal, great console. And if you're on the hunt for a Blu-ray player, you could do a lot worse!