People went crazy when it was first announced, but after a long lull it's finally come stateside. The 12 GB Playstation 3, boasting a low price point of $ 199 and a flash drive, is no officially on sale in the US. Sony made earlier statements implying they had no intention of bringing the SKU over amid criticism that it simply did not provide enough space for digital downloads.
But in the case of a last generation console, this is the kind of strategy that makes sense. The Playstation 2 continued to be a strong seller for Sony long after its intended lifespan, in fact helping tide over the company's financial reports when the PS3 was at its nadir. Thanks to its huge library and continued support, Sony was able to sell a stripped down version of the PS2 for years.
The Playstation 3 may not have matched its predecessor's lifetime sales, but as of now it is a very popular console. Sony hopes to replicate its strategy with the Playstation 2, removing non-vital parts to lower manufacturing costs and selling to broader markets.
This new Playstation 3 model received a lot of flak upon initial release, with common criticisms leveled at flimsier build quality and instability. This model also came with Dust 514 and Uncharted III, and was priced at $ 270, a little higher than the usual $ 250 price tag.
With this move, $ 199 will eventually become the new normal. Sony has promised to continue supporting the Playstation 3 until roughly 2015. Sometime in the future we can expect Sony to drop its online servers, making arguments about the system's digital storefront moot. I personally don't think it will last as long as the Playstation 2 did, since developers complained about difficulty programming for it, and the PS4 apparently being light years easier to make games for. However, at the twilight years of its lifespan, PS3 has some life in it yet.
Source: CNET