As a counter to Sony's price drop a few weeks back, it appears that Microsoft will be dropping the price on all versions of the Xbox 360. The price drop is expected to occur next week and will be a $50 drop for the Premium system and $20 for the Core and $30 for the Elite system. That would put the prices at $279.99 for the Core System, $349.99 for the Premium system, and $449.99 for the Elite system.

Stay tuned and check back in the coming days we will let you know if/when the price drop becomes official

Xbox 360 system price drop
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-8/7 Update- Price drop has been officially announced by Microsoft. The new prices go into effect tomorrow (Wednesday 8/8).