I had a feeling this price cut was too good to be true.  Sony has now announced that the $499 60GB PS3 will not be restocked once they are sold out.  Those PS3 will be replaced with the $599 80GB PS3 so in effect they are not actually cutting the price of the PS3, just lowering the cost to clear inventory.  This is a bit of a shady deal if you ask me because it generates interest in the PS3 and we are now hearing reports of retails being sold out of the PS3 but in reality they just stopped filling the channel in preparation for the new 80GB model.