Sony has recently confirmed that they will not be phasing out the 160 GB PS3 console SKU. The company told retailers and distributors that the despite availability issues the console is not being phased out. Because of the regional shortages of the console, many were led to believe that Sony may have a new model in the works that may come in at lower price point with reviews specs.
Sony claims that strong demand is creating the shortages right now, but that they should clear themselves up in the short-term. Sony which has also recently been rumored to be announcing a price cut this August at Gamescom, as well as shipping an unhackable PlayStation 3 in the near future.