At its annual press conference at the E3 Media & Business Summit, Sony Computer Entertainment America announced it will offer an 80GB Playstation 3 for $399.

At its annual press conference at the E3 Media & Business Summit, Sony Computer Entertainment America announced it will offer an 80GB Playstation 3 for $399.

The company also said it would start selling the 60GB model for $349 once it runs out of stock of 20GB models. The move follows Microsoft's Xbox 360 price cut we wrote about here. We're not sure what will happen to the 40GB PS3. We doubt Sony will keep offering this particular SKU at its current price, but there's always a chance it will offer the remaining stock at a tempting price, so keep your eyes open, just in case this happens.

Sony also announced a new PSP bundle, the Ratchet and Clank Size Matters PSP Entertainment Pack, comprising of a silver PSP, Ratchet and Clank Size Matters game and some other goodies, all for $199.

There's a new PS2 bundle too, called LEGO Batman: The Videogame PlayStation 2 Pack, featuring LEGO Batman: The Videogame, Justice League: The New Frontier on DVD and, of course, a PS2 console. It will sell for $149.