Sony dropped the price of the PS3 console last week, but discounts on those discounted prices have already started to appear. From today until August 30, Big W is selling the 160GB model for $298, which is $50 lower than the 'official' reduced $349.95 price.
I couldn't spot any similar comparable deals in a quick search online, and indeed it's notable how many online stores haven't yet updated their pricing to reflect Sony's reductions, and still have the 160GB model for $500 or more. That said, the worst deal is Grays Online, which is selling a refurbished PS3 with a 40GB hard drive for $299.95 --- more than Big W is charging for a new model with four times the capacity. The lesson, as usual, is to shop around carefully before buying.