The Sony PS3 has been around for quite a few years already, and while it has offered countless hours of entertainment to its owners (in terms of gaming and as a highly affordable Blu-ray device), there is still more performance to be eked out of this formidable console. At the recently concluded CES earlier this month in Las Vegas, some folks spotted a PlayStation 3 video editor at work, although no release dates were revealed when Sony executives were bugged about it. Well, at least the horse’s mouth has revealed some key information, including the fact that our friends living across the pond can expect to see it hit the market before the end of the first quarter, where the PlayMemories Studio, as it is called, will be priced at roughly €10. Electricpig claims that the PlayMemories Studio will also deliver options such as cropping and zooming tools, slow-motion effects, and a bunch of sound and visual effects that ought to turn the PS3 into something far more than your average home console.