CNN is reporting that Sony has set the PS3 price at $499 and $599.

Sony announced plans Monday to offer two packages when the system goes on sale this fall. A PS3 with a 20 GB hard drive will cost consumers $499. Those wanting a larger, 60 GB hard drive will pay $599. The $499 version may also lack several features found in the more expensive one.

Ouch. That is some damn expensive videogaming and I am going to be hard pressed to justify that even to myself let alone Management and seeing as how we both balked at paying $399 for an Xbox 360 the PS3 enters the realm of fantasy. Doing a little math here, my guess is that you can expect to pay around $659-$759 when you go to pick one up along with an extra controller and two games. At those prices I’ll pick up a Wii with an extra controller and four games and still have scratch to buy Management something nice.