E3 is just a few days away and nothing kicks off the festivities better than rumors and see it to believe it insider info.

Many are already speculating and expecting a price cut for the PS3 hoping to spark developer support and console sales. A mole at Arstechnica has reported that a PS3 price cut is coming but probably not by E3. Instead a redesigned slim PS3 will be coming out by August or September with the much anticipated Price Cut. It is believed that Sony will not announce this during E3 in hopes of clearing out current model PS3’s from shelves.

VG247 also says they have insider info from a Senior UK source that the slimmed PS3 is real and will launch sometime in the fall.

No mention has been made about any features being dropped or added to the slim PS3, like Backward Compatibility, Wi Fi, USB ports, internal Blu Ray Drive models etc.

Also rumored is that a new PSP (dubbed PSP GO) is not only real but will most likely be announced at E3 as well. The original psp models will most likely not be killed off immediately either. Most likely the new PSP go will be digital downloadable games beginning the end of the UMD. Sony may also start a trade in program where you can trade in your UMD games for PSP download game codes, similar to the HD DVD to Blu Ray trade in program. Pricing is still up in the air, but we can expect a price cut to also be announced for the original PSP models.

I usually don’t like to feed or spread rumors but Arstechnica’s Mole has been reliable and pretty much on the money many a time.

Keep checking popcultureshock.com for this, our E3 coverage as well as all our Games, Movies and Comics info.