The $70 price cut applies to the console's 500GB incarnation, while the 1TB model is currently selling on Sony's website for $549.
The PlayStation 4 has been the pricier of the two consoles since Microsoft starting selling the Xbox One without its controversial Kinect accessory, but Sony's move places them on a more even footing – Microsoft's 500GB console is selling for $499, but comes pre-bundled with one of a number of games.
There are plenty of reasons to pick a side in the console wars as Christmas approaches, with a tidal wave of new titles such as Call of Duty: Black Ops 3, Star Wars Battlefront, Fallout 4, and Assassin's Creed Syndicate flooding into shops just in time for Santa's rounds.
While most games are cross-platform, it's console exclusives like Uncharted 4 for PS4 and Halo 5 for Xbox One that can be the deciding factor in choosing which console you'll want to unwrap on Christmas morning.
- What's next for the PS4? Check out our PlayStation VR hands on.
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