Yes, it's needed, BADLY, but re-designing consoles always really annoys me.

Okay, let's face it, the PS3 is a hefty bugger, and it needs slimming down, but that doesn't stop me from being angry.

I just really hate it when SONY decide to redesign one of their home consoles, I mean, when you redesign a handheld that's okay, you can make it more pocket friendly, and those consoles are all about gaming on the move. But home consoles sit somewhere relatively close to your TV, and rarely move. Why would they need to be smaller? You're not going to pack it into it's box everyday after playing... Unless you're a bit like my girlfriend... But she has some kinda weird OCD thing going on, so she doesn't count.

Point is, how many times are you going to pack up your console and take it to your friend's house?

Ah well, regardless it still looks sexy... Hey, if I was a console I'd do it. A single console of course...

 Source.