360 Price Cut Coming Right Now

A price cut was expected on the Xbox 360 by the end of the month, and bingo bango, here we are at the end of the month.

Major Nelson announced "It's official: #Xbox360 drops Elite console price by $100 in the US," on his Twitter this morning, adding a more detailed update to his blog.

As previously mentioned, the 360 Pro is taking the long walk off the short pier, receiving a $50 price cut to hit $249 where it will remain until it is sold out. The 360 Elite will be taking the new top spot with a drop to $299, as a response to Sony's new $299 PS3 Slim. The Arcade will be left at $199. Maybe, if we're lucky, 360 hard drives themselves will also end up with a price cut.

This move seems almost choreographed, with a 120 GB Xbox 360 just waiting in the wings to compete at the same price with the 120 GB PS3 Slim. Could there be a giant conspiracy between both Microsoft and Sony to ... steal our souls? Perhaps, but my question is, when will Nintendo respond? $249 for the Wii seems completely inappropriate now.