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Worried about backwards compatibility? Sony’s got you covered.

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Now available in North America, the remarkably small 12GB PlayStation 3 game system. It will retail for $199 and is available in stores today. The value of the system is a little vague when you consider that during Black Friday 2012, shoppers were able to get a 250GB PS3 for $250. According to the PlayStation blog announcement; all the features of the PlayStation will be available with this version but digital versions of larger games like The Last of Us will require gamers to buy extra memory for the system.

With the PlayStation 4 inching closer to its release date, a new lower priced PS3 was no surprise to most and will no doubt be a gateway to those who resisted buying the system when it boasted a high price tag.

Also announced today was the long awaited price drop of Sony’s handheld the PlayStation Vita. The base system now retails for $199 and for a limited time consumers can also get the new Walking Dead Vita bundle for the same price. In addition to this new price for the system, Sony has also taken the burden off gamer’s wallets with new pricing on their high priced memory cards:

OLD PRICE                                         NEW PRICE

Memory Card for PS Vita 4GB

$19.99

$14.99

Memory Card for PS Vita 8GB

$29.99

$19.99

Memory Card for PS Vita 16GB

$59.99

$39.99

Memory Card for PS Vita 32GB

$99.99

$79.99

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These drops come months after Vita price drops first occurred overseas and many have speculated would have to happen in order to sell the public on the play anywhere cross play  feature of the PlayStation 4. But those expecting a redesigned Vita to be released before the PS4 launch will be disappointed as Sony needs to put their focus on the next-gen and selling all the already manufactured Vita units they have.

Sound off on Facebook. Does this make you want to buy a Vita? Is the new PS3 system really a value to you?