Hey Franklin,
Just got done listening to episode 34. Sweet stuff. I heard you mention the price points for the PS3 and the hard drives size as the difference. But I recently found out Sony kinda dupped people at E3 by not mentioning the other differences and instead decided to let you know about these through a press release (which is linked below).
Basically with the $499 version, you will not have the card reader, integrated 802.11B, or the HDMI outputs. The card reader I can get by without, but no 802.11B, which can be used for PSP connectivity, and no HDMI outputs for my 50" HDTV makes me a little uneasy and sick to my stomach (you know that SD interlaced feeling :) ).
As a gamer I felt shortchanged, kinda like Microsoft did with Xbox360 and backwards compatiblity, but this is more severe.
Anyway, just thought you might like to know. Better start saving.
http://www.scei.co.jp/corporate/release/pdf/060509ae.pdf
Jameson