When will the PS3 become less expensive?

May be...

I am saving up for one but should I wait for a special value pack or price cut or something? When will be the best time to buy one? Also, when will the Home game be available on the PS3 for online?

You probably wont see a big price cut till the holidays if it doesn't happen next month. Next month they are releasing an 80g model that comes with MGS4 game and dual shock controller. That would be the one to get if your gonna get one. As far as PS Home - who knows? There have release dates scheduled and post-poned and rescheduled. I give up trying to keep track, although I do think they are getting pretty close to an actual release now.

I doubt there will be any price-cuts soon... there was an article somewhere. Sony is still losing money on the PS3 Consoles. If you want PS3 with PS2 backward compatibility, then wait for the new 80GB MSG Bundle, else just get the 40GB now. The new projected Home open beta release is somewhere in the Fall 08.

About a couple of months ago. They have an increased HDD size, and cut out about $100. Home is taking a while because they basically need it to be perfect or they're screwed.

When you stop liking Mudvayne!!!

probably in about a month or so

when they come out with a ps4