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The PlayStation 3 Slim gaming console from Sony Computer Entertainment is not only smaller and cheaper, but adds hardware enhancements that make it speedier, including a new Cell microprocessor.

The gaming console, introduced on Tuesday, is a slimmer and lighter version of older PS3 consoles. It carries a 120GB hard drive, which is an upgrade from the 80GB of storage offered in the earlier PS3. The console will sell for US$299 and become available on September 1.

Sony has made some enhancements under the hood to boost its processing speed and power efficiency. The gaming console will carry an upgraded version of the Cell microprocessor, which is being jointly developed by IBM, Sony, and Toshiba.

The new chip has been manufactured using an advanced 45-nanometer manufacturing process, an IBM spokesman said. Based on IBM's Power architecture, the chip delivers many performance improvements while drawing less power than earlier chips, IBM has said. The earlier console carried a Cell processor manufactured using the 65-nm process. IBM declined to provide the clock speed of the new Cell processor.