Earlier today at the GamesCom show in Germany, Sony Computer Entertainment finally announced it was dropping the price of its PS3 console. Effective immediately, a PS3 can be yours for $299, $100 less than it was a day ago. You probably want to wait until next month before racing out to get one, though: On September 1, a lighter, thinner PS3 with a larger hard drive goes on sale for the same price.

Is the new PS3 better-equipped to compete in the videogame console wars? At $299, it’s still more expensive than the cheapest Xbox 360 ($199) and Nintendo Wii ($250), and it has a lot of catching up to do if it wants to gain market share. The good news for Sony is most, if not all, of its lackluster performance so far can be blamed on it exorbitantly high price tag. There are top-notch games available for it right now — LittleBigPlanet, Metal Gear Solid 4 — that you can’t play on any other system, and its future release schedule — Uncharted 2, God of War III — looks just as bright.

So what do you think, PopWatchers? Does the PS3 now stand a chance in the next-gen console battle? Are you dealing yourself in on a PS3 now that it makes less of dent in your wallet?