Update: read our full PS3 Slim review.

The original PlayStation 3 has proved far and away the most popular Blu-ray player on the planet.

And while there are better-performing dedicated BD-spinners available, a rich combination of talents have made it a well-deserved market leader.

So how does the new PS3 Slim compare? Does it offer a step-up in AV performance, and should existing PS3 owners rush to part exchange their old consoles for this year's trendy new model? Let's find out…

Out of the box

There's no shortage of quoted percentages bandied around to describe the size reduction Sony has achieved with the PS3 Slim, but these numbers fail to paint a picture of what is a significantly smaller product.

Comparing the new PS3 to the original is akin to comparing a laptop to a desktop PC. It's a world apart. The console retains the signature curves of the original, so you still can't put anything on its roof, but the contours have been greatly reduced.

Pictured below is the new model alongside the original (dig the funky white finish of this Japanese edition – great huh?). In build and material it's every bit as impressive as the first iteration; corners haven't been cut to reduce weight.

Aesthetically, I've got to say I love the matt finish. It's very contemporary, although handle the console with care, as the surface does seem to mark rather easily. The new Power On and Disc Eject buttons are also way better than the infuriating soft-touch 'buttons' on the original machine.

In terms of connectivity, everything is where you expect it to be. There are a couple of USB inputs on the front, with HDMI, Ethernet, Sony's legacy multi-pin proprietary output and power on the rear.

The old chunky kettle power lead which juiced the original has been replaced with a smaller flying-eight. The power supply is still universal though, designed to work on supplies ranging from 100V to 240V.

In operation

When you power up the console, the first thing you need to look for is a System Update.

My console found v2.80 and within a few minutes this had downloaded and installed. V.3, which brings some extra functionality, has yet to make an appearance at the time of writing. The original PS3 was significantly quieter than its Microsoft rival when it came to operational noise. While the Xbox 360 sounds like a hyperactive vacuum cleaner, the PS3 maintained a dignified hum.

This model, at least initially, is quieter still. However, heat builds up quickly during use and the fan noise accelerates accordingly. Midway through X-Men Origins: Wolverine, I noted that the console was disgorging a lot of heat through its rear vents, and at that point, in terms of fan noise it did not seem to be an improvement on what's gone before. The huge 95mm,17-blade fan beneath the hood clearly has its work cut out...

AV performance

There was a time when the PS3 was the only Blu-ray player in town worth serious consideration. Of course, the dedicated player market has evolved considerably and the PS3 is just one of many options hi-def hunters have.

So how does this new, cheaper model stack up as a home cinema source? Well, it's a bit hit and miss. We submitted the unit to our Tech labs, and in their opinion it measures worse than the original machine. While the console can spin CDs, it's no replacement for a CD player. The original was actually surprisingly good in this regard, delivering only 137.9ps of measured audio jitter; it was let down mainly by issues relating to the cabinet and its rigidity.