Can you think of any new and good PS3 games under the price of $500?

Under the price of 500$!?!
Yeh,quite a few odly enough,where you bin shopping?you mean under 50?
Red dead redemption,dead rising,any assasins creed game,bioshock games etc

If you want a really challenging RPG, get Wizardry. It'll kick your ass. I love it. It's $14.99 on the PSN shop.

I think Lizo meant under $50. You can get Borderlands Game of the Year Edition for under $50, at least I could. New PS3 games as in ones that have just come out and aren't PSN only stuff are going to be $59.99 at first. This isn't always the case since the price can sometimes drop sooner than it normally would. I believe Portal 2 is a good example of that.

Here's a few other good ones:

Singularity(A First Person Shooter that has a lot in common with what seems to be the typical modern FPS and also has a few Bioshock-like things to it.)
Bayonetta(It's a game that was made by a team that included the guy who created the Devil May Cry series. It's very similar to Devil May Cry 3 and 4.)
Devil May Cry 4(It's an action game that revolves around hack and slash, shooting, and style. The style part is combo based.)
Dante's Inferno(If you just want a good action game, and don't care how much it copies from God of War, you might like this. This game also lets you burn people with monsters and cut them in half.)