At the recent Game Developers Conference all of us were hoping that Sony would finally reveal a price for the PlayStation 3. Instead what we got was a slightly more detailed description of Sony's online vision.

Today, however, radio station Europe 1 has reported that the President of Sony Computer Entertainment France and Vice President of Sony Computer Entertainment Europe, George Fornay has revealed a price range for the next-gen console. Fornay reportedly told the station that the system would sell at a price somewhere in the range of €499 and €599.

Fornay then admitted that the price seemed a little hefty but that people should remember that they're also getting a high-definition movie player because of the Blu-ray drive; so in comparison to other electronics with similar functionality the PS3 should be viewed as a bargain, he argued.

Doing a strict currency conversion to U.S. dollars gives us a range of $612 to $735. As past console launches have taught us, a straight up currency exchange rarely yields the price that will be assigned to the console in another country. Quite frankly, we'd be shocked if the PS3 cost more than $700 in North America.

Most analysts have assumed a price tag of $500 for the console in the U.S., and if that turns out to be the case, it would still be the most expensive console on the market when it launches this November. Microsoft's Xbox 360 would have a $100 advantage and the core pack would be $200 less, making it look far more appealing to thrifty consumers or parents shopping for their kids. (And the Nintendo Revolution is supposed to be even cheaper, below $300.)

Ken Kutaragi always said it would be "expensive" though. We hope to finally get official word on PS3 pricing next month at E3.