A leaked internal memo shows that Blockbuster will be lowering the price of the entry-level 40GB model PlayStation 3 this weekend. Kotaku was able to get a screenshot of the memo, which clearly shows a new price of $360. Also, the store-exclusive Spider-Man 3 Blu-ray/Transformers video game and HDMI cable bundle will drop to $460.
This may seem like a decent bargain, but remember that $40 more will double your hard drive capacity to 80GB. (Confusingly, the "old" 80GB model, which had four USB ports and flash media slots, has mostly disappeared from store shelves. The new "Core" 80GB model--two USB ports, DualShock 3 controller, and no flash media slots--has replaced the 40, which is why the old one is being discounted.)
In addition, we can't really advise anyone to opt for the HDMI bundle either, as we all know how cheap you can find one of those cables online.
Note: this post was updated to clarify the difference between the old and new 80GB PS3 models.