Sony has officially confirmed the upcoming release of a slimmed down PS3. The system was featured in ads from both Kmart and Sears today, revealing both the looks and the $299 price tag. In addition to being smaller and cheaper, the Slim PS3 will feature a 120GB hard drive. The current model PS3 will also be lowered in price to $299, but will likely be hampered by the 80GB hard drive. The decrease in size, and likely change in components, will also cut the power consumption to 250 watts. The Slim PS3 will become available on September 1, and will be accompanied with version 3.0 of the system software. The ability to install an alternate OS will no longer be available, but users will gain the ability to sync with their Sony Bravia television.