Last week's rumor is this week's confirmed news: the 60GB PS3, which recently saw a $100 price drop, is being phased out for the 80GB model at $599. Although the door is certainly open to a later price drop on the 80GB model, the $499 price of the 60GB PS3 officially remains only until that model sells out. But don't worry- that won't be for a while.

This past week it was announced that Warner Home Video has extended its distribution agreement with Oscar-winning producer Saul Zaentz for another five years. Two of the crown jewels in the Zaentz portfolio, Amadeus and One Flew Over the Cuckoo's Nest, both best picture winners, will be hitting Blu-ray and HD DVD in February of 2008, just in time for the 80th anniversary of the Academy Awards.

Now here's the kind of of re-release I think we can all get behind. It's no secret at all that longtime DVD demo favorite, Luc Besson's Fifth Element, was released early on Blu-ray in a transfer that was shockingly poor. Sony is essentially admitting it was wrong (excuse me, I think I just saw a pig fly by my window), and is re-releasing Fifth Element on Blu-ray on July 17th and is offering an replacement program for people who bought the original Blu-ray Disc.

If you follow up a great sci-fi movie with two increasingly inferior sequels, how do you keep selling all three titles? You bundle all of them together so no one can skip out on the sequels, of course! OK, I know I'm being cynical. I love The Matrix and am as excited as the next to snatch this title up on HD DVD when it hits stores on May 22nd. And I'll even go so far as to say that I thought its sequel, Matrix Reloaded had some cool fight sequences and stunts. But I wouldn't watch the incomprhensible Matrix Revolutions again on a bet. Even George Lucas thinks it's whack that I have to buy all three movies to own the first.