Price Cut for Xbox 360 expected!

During its E3 conference this year, Microsoft confirmed that its 20GB Xbox 360 would be dropped down to $299 and that a new 60GB SKU would soon take its place for $349.
Ars Technica is reporting that their reliable mole (who has apparently undergone a Joker makeover, as the picture proves) has said that a fairly significant price drop is coming in early September.
• Arcade (no hard drive) to $199
• Pro (60GB) to $299
• Elite (120GB) to $399
A company spokeswoman said Microsoft has nothing to announce at this time.
Microsoft last cut the price of the Xbox Pro in August, from $399 to $349, prior to the release of “Halo 3″ the following month.
A cut to $299 makes the Xbox 360 Pro $100 less than Sony Corp’s PS3 with a 40 gigabyte hard drive. Microsoft is locked in a three-way competition with Nintendo’s Wii and the PlayStation 3, which comes with a high-definition Blu-ray video player.

Last week, a leaked memo allegedly sent to GameStop and Blockbuster employees indicated Microsoft would begin phasing out the 20GB hard drive. In its place, the company would start including a 60GB device with new Xbox 360 Pros later this month and in October offering a stand-alone 60GB accessory for $99. The memo also indicated that Microsoft would drop the current price of the stand-alone 120GB hard drive to $150 in September.