PS3 System Slimmed Down Once Again as Sony Unveils Third Model

The PlayStation 3 (PS3) system has been slimmed down once again by Sony who recently unveiled the third model of the gaming console.

This version will be 20 percent smaller and 25 percent lighter than the second model released by Sony just a few years ago. The new PS3 packs the same hardware under the hood with the main difference being memory capacities.

Sony will offer the new version with 250GB and 500GB of memory for $269.99 and $299.99 respectively.

Both models come as part of a bundle with the 250GB version including "Uncharted 3: Drake's Deception: Game of the Year Edition" and a voucher for more than $30 worth of bonus digital content. It will be available on Sept. 25.

The 500GB model will come with a free 30-Day PlayStation Plus voucher and a copy of "Assassin's Creed III" and will launch on the same day as the game on Oct. 30.

Sony is reportedly planning to name its next-generation gaming console "Orbis."

A publication known as Kotaku cited an anonymous source that revealed inside information on Sony's next-generation console stating that it will drop the PlayStation name and take on a brand new one with "Orbis."

The console was previously expected to be called the PlayStation 4 following in the footsteps of Sony's original three consoles that were released in 1995, 2000 and 2006.

Kotaku also reported that the system will hit stores sometime during the holiday period of 2013. Microsoft's next XBox console is rumored to be arriving around the same time.

If this Sony rumor ends up being true then Microsoft will not gain the upper hand by releasing its console one year early the way it did with the Xbox 360. This allowed Microsoft to gain a foothold in the market while Sony was prepping the release of the PlayStation 3.