Kratos made his debut on the PlayStation 3 with the God of War Collection in November, but the compilation pack is just a substitute for what fans of the franchise have really been waiting for. With God of War III carrying a March release window since the 2009 Electronic Entertainment Expo, Sony Computer Entertainment announced today that the franchise's first all-new installment for the PlayStation 3 would arrive on March 16.

God of War III marks the conclusion of Kratos' current story arc to bring about the fall of Olympus. As in previous installments, the visceral gameplay sees Kratos dismembering, decapitating, eviscerating, mutilating, and otherwise doing grievous bodily harm to a variety of mythological beasts. For this installment, gameplay will emphasis fighting on monolithic Titans and mounting enemies, as well as gaining new weapons and additional attacks.

The game will be available in both a $59.99 standard edition and a $99.99 God of War III Ultimate Edition. In addition to the game and decorative Pandora's box packaging, players of the Ultimate Edition will receive an art book as well as access to downloadable content and in-game bonuses. Gamers will also get a feature-length retrospective on the franchise, the trilogy soundtrack, and a selection of heavy metal tracks inspired by God of War.

Lastly, Sony also announced through the PlayStation Blog today that it would be cutting the price of the God of War Collection to $29.99. The collection includes the first two highly acclaimed God of War titles for the PlayStation 2, with remastered 720p high-definition graphics and added trophy support. The package also includes a playable demo for God of War III.