Omg...can't wait to lay my hands on this one...
The good: More affordable $299 price; slimmer, more compact design with quieter operation; all games in high-definition; easy-to-use interface; doubles as a Blu-ray and upscaling DVD player; built-in Wi-Fi; 120GB hard drive; HDMI output with 1080p support; no external power supply; built-in Web browser; free online gaming service.
The bad: Lacks backward support for PS2 games; no infrared port means non-Bluetooth universal remotes aren't compatible; online gaming, media, and commerce options still aren't as fully developed as Xbox Live, though they're getting better.
The bottom line: With a smaller design, more energy-efficient operation, lower price tag, and built-in Blu-ray and multimedia capabilities, the PS3 Slim delivers a compelling package for an affordable price.(taken from Cnet.com news)