Sony then announces that the 80GB PS3 – with the same functionality as the current 40GB model - is set to retail for $399 (£200), which can only mean that the current 40GB SKU is set to be phased out in future.
Jack Tretton follows this news by talking more about the "tremendous amount of support" SCE gets from its development partners and stressing that SCE's own worldwide studios gives the company a competitive advantage with 23 PS3 exclusives (10 on Blu-ray disc and 13 on PSN).
God of War 3, Infamous, MAG
God of War 3 is announced for PlayStation 3 which, while not a major surprise, still manages to wow the gamers in the crowd. Following this well-received announcement, developer Sucker Punch's open-world superhero title Infamous is demoed, with a release date of spring 2009 announced.
The final announcement at Sony's E3 press conference comes from developer Zipper Interactive (of SOCOM fame) who present a game called MAG (Massive Action Game) set to feature 256-player battles.
Zipper's Andy Beaudoin describes this PS3 exclusive: "MAG will deliver a sweeping battle experience using only real players... the game will be organised into 8-player squads, lead by people who are "proven" to be good leaders," and is to feature a character advancement tree for gameplay longevity and character development. It's an intensely ambitious game, which, so Sony assures us, could only be attempted on the PlayStation 3.
"If this is what year 2 of the PS3 lifecycle looks like, imagine what years 3 and beyond will look like," says Tretton, as he closes Sony's E3 2008 press conference.
So there we go. E3 is still clearly as vital as ever. And now that all three major hardware press conferences are over, it's time to let the analysts and fanboys pick apart the minutiae of every news announcement made by Sony, Nintendo and Microsoft over the last 48-hours.
Stay tuned to TechRadar over the coming days for all major news announcements from (and some exclusive, insider industry comment on) 2008's Electronic Entertainment Expo.