Sony Computer Entertainment Europe has confirmed the recent rumors of a less expensive 40GB model of the PS3 console. It will be released to European territories on the 10th of October for a price of 399 Euros. There has been no official word yet about this console being released in North America or Japan.

But before you plan on purchasing this cheaper PS3, be aware that the reduced in price comes with more than just a smaller hard drive. It still has buit-in WiFi, HDMI output, and a Blu-ray player. But, the new 40GB units have no memory card reader and only two USB ports instead of four like it’s 80GB counterpart.

“The new model is no longer backwards compatible with PlayStation 2 titles, reflecting both the reduced emphasis placed on this feature amongst later purchasers of PS3, as well as the availability of a more extensive line-up of PS3 specific titles.” Thats right kids, this model will have neither the hardware emulation of the 60GB PS3, or the software emulation of the 80GB.

With more than 47 million units shipped worldwide, the award-winning Gran Turismo™ franchise has raced far beyond a driving simulator experience; it is a global lifestyle. Setting the bar to unprecedented heights of realism, quality of design and physics technology with every product release, famed developer Polyphony Digital, Inc. continues to obscure the line between simulation and reality with the newest iteration of its blockbuster franchise, Gran Turismo™ 5 Prologue, exclusively for PLAYSTATION®3 (PS3™).

Available on Blu-ray Disc and as a download via PLAYSTATION®Network, Gran Turismo 5 Prologue showcases the automotive experience that is imminent with Gran Turismo 5. Featuring over 40 meticulously detailed cars – including vehicles by Ferrari, Lotus and Nissan – for users to race on five beautifully rendered tracks from around the globe, Gran Turismo 5 Prologue runs in stunning Full High Definition at 1080p. Additionally, in conjunction with a robust offline experience, for the first time in the history of the franchise Gran Turismo 5 Prologue will support up to 16 players racing head-to-head online, complete with global leaderboards, to quell any question of who is the best driver in the “World of GT.” Furthermore, a feature called My Garage allows users to develop a personal profile page within the game and interact with other car enthusiasts from around the globe.

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