We all know the Xbox 360 got a very welcomed price cut a couple weeks ago, and now Sony is stepping up and trying to match Microsoft with a price cut of its own. Just a note to start: However this price cut for the 40 GB PS3 has a countdown clock. Like Microsoft did with the 20 GB Xbox 360, Sony is giving it a price cut until all the remaining PS3’s are sold.

Now what is this PS3 price cut? According to Gizmodo.com, it will bring the PS3’s 40 GB price down $40 to $359.99 (from $399.99). Additionally, these PS3s will be bundled with Spiderman:The Movie and Transformers: The Game.

This isn’t a revolutionary price cut like the 360, where the Arcade version is now the cheapest “Next-Gen” system available — and yes, cheaper than the Wii by $50 — but for those of you who wanted a PS3 for a little less cash, today is the day to go and buy one because nobody knows when the clock will run out!

Info from Gizmodo.com