Pros:
Its 33% smaller, 36% lighter & because it now has a 45nm CPU it consumes 34% less energy than before, which means it and generates less heat and fan noise. (Even though it was silent before lol :P)
Has a 120GB HDD, and is still upgradeable to 500GB.
Because there is a 45nm CPU, it might give faster loading times in the XMB.
Cons:
Can't install linux on it.
Still no backwards compatibility, if that matters to you.
It's a bit longer from the rear to the front.
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The big power switch on the back is gone,but that's about the only thing different about the layout of the system's rear.
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If you want to stand it vertically, you'll have buy a stand separately. (It can stand a little, but is not as planted as the phat one)
This vid shows it -http://www.youtube.com/watch?v=WTBVw_5eb7o
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It has buttons,the touch-sensitive non-buttons are gone, and they've been replaced with buttons. But i suppose that is an opinionated matter.
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