[Rocol]

A report by analyst Compete has revealed that 73% of current-gen console owners believe the PS3 is too expensive.

The report, which was carried out during October, surveyed active current-gen console owners about the upcoming next-gen offerings.

One startling revelation is that 48% of those thinking about buying a PS3 believe that the console will only cost $300, not the $499 and $599 price tags the two SKUs will retail for.

Once informed of the actual price, 60% thought that the price was too high. Including all the people surveyed, 73% felt that the PS3 price is too expensive.

Talking only to PS2 owners, 63% said they might buy a PS3.

When asking Nintendo GameCube owners the same question about the Wii, only 39 percent said they were considering a purchase - an equal number of GameCube owners said they might buy a PS3.

This is certainly a worrying percentage for Nintendo, especially given that Nintendo is considered to have the most loyal fan base of all the platform holders.

It won't bother me what the price is when they first release the PS3, as I shall be waiting until all the ' Bugs ' have been sorted and the price has dropped a few £'s