Research in Motion just issued a press release stating that it is going to miss it’s Q3 guidance of $5.3 billion to $5.6 billion in revenue.

To make a long story short, RIM basically stated the BlackBerry PlayBook is a dog that won’t hunt at $500 and the only way they have any shot at clearing the warehouse full of tablets collecting dust is to continue to deeply discount them at the $199 rates that you have been seeing over the last week or so.

Since RIM can’t really sell the PlayBook and make a profit, they essentially are going to unload them however they can and hope that the people that get them rave about them making more people want them when PlayBook 2 comes out.