Contrary to recent rumors, Sony Europe has denied that a 120GB PS3 is in the works. Here is the word straight from the horse’s mouth.
https://gizmodo.com/80gb-ps3-moving-aside-for-ps3-elite-with-120-or-160gb-h-349575
“We do not currently have any plans to release a 120GB PlayStation 3 in the UK.”
But what about outside of the UK? What about a 160GB PS3? Maybe there is still hope. [Ubergizmo]