Despite being more than 2 million machines behind schedule in sales, Sony says it has no “specific plan to cut the PlayStation 3’s price.” The company has apparently pegged the system’s future to the success of Blu-ray: if Blu-ray fails to gain a foothold, the PS3 will be in a tough spot. While that may be what Sony is publicly saying, financial analysts say that it’s only a matter of time before Sony is forced to cut the console’s price, in part because of weak demand, but mostly to catch up to the sales of the Xbox 360 and Wii. Lest we forget that’s it’s still damn near impossible to find a Wii in stores.

But if you do have a PS3, you’ll notice that Sony released another firmware update, taking it to version 1.70. The update improves backwards compatibility and lets users transfer game saves between PSone games played on the PSP to the PS3 itself.

Sony Rejects Price Cut Plan [Next Generation]

PS3 Firmware Update Released [Next Generation]