Same price, less storage. Shrinkflation at its finest.
Sony plans to release a new PS5 Slim All-Digital console with an 825GB SSD, reducing storage from the previous 1TB to optimize production costs amid rising expenses. The PS5 Slim Standard with a disc drive will retain the 1TB SSD, and the updated model is expected to launch in Europe first.
You lose some because 825GB refers to 825.000.000.000 bytes, divide by 1024 (bytes in KB) and you get 768GB usable space. In the early days of ps5 there was 667GB left over after OS and stuff