There are rumors floating around that Sony is going to release a new, cheaper PS3 just in time for the holiday season
Validation for this rumor is almost certain as the FCC has a new filing with details on this new model number for the PS3 system.
Details are very sketchy at the moment as the FCC has to avoid premature release of sensitive information prior to release. It is rumored that it will start with a $399 price tag though.
If in fact this is true, which it more than likely is, this new PS3 would be launched on or before November 16th.