The PlayStation Vita price cut you've been waiting for is finally here: Sony has just announced that the PS Vita's retail price is being slashed to $199 in the United States. That's down from its previous MSRP of $249.99. The portable is also being slashed to €199 across European territories. Better still, Sony has pledged to "make significant reductions" to the cost of memory cards for the Vita, which until now have been priced extraordinarily high compared with SD cards and other, non-proprietary flash memory. The 4GB Vita memory card now starts at $14.99, down from an original price of $19.99. 8GB cards have been reduced by $10 to $19.99, and both the 16GB (now $39.99) and 32GB ($79.99) have been slashed by $20.

Sony is undoubtedly hoping that the more appealing price point will help boost momentum of the sagging Vita. Retailers have already beaten Sony to the punch, however; Best Buy recently put both the Wi-Fi and 3G models of PS Vita on sale for $199.99. The Wi-Fi MSRP will now stick around, though the future of the cellular Vita SKU remains unclear.