Sony releases Playstation 3 (PS3), after giving Microsoft Xbox360 a 12 month head start

Sony (SNE) today is going to announce a $100 price cut on the Playstation 3 to $299. according to CNET and various other Web sites. Kmart apparently ran a Web ad for the new lower price ahead of the expected announcement.

Sony is about to start a press conference at the Gamescon game industry conference in Germany, which is where the company will supposedly unveil the news; Kotaku is live blogging the event.

SNE today is up 50 cents, or 1.9%, to $27.52.