Sony has officially announced the PS3 price drop that was rumoured to happen. The 60GB model will indeed drop to US$499, but this isn't the only announcement regarding to the PS3 today.
Sony also announced that it will release an 80GB version of the PS3 in the US and Canada come August, for US$599. It will also come with a copy of MotorStorm.
This seems like an expensive upgrade to us, especially as you can already upgrade the PS3 hard drive by yourself and an 80GB 2.5in 7,200rpm SATA drive can be had for less than US$100, although you'd still have to get MotorStorm on its own which retails for around $60.
Sony will also be launching over 120 new games between now and the end of the year. You can find a list of selected titles in the press release.
You can read the Sony press release here (warning PDF link)