videogames.yahoo wrote:

Confirming rumors from last week, Microsoft today announced a $50 price cut for its Xbox 360 console. The cut, effective August 8, is timed to coincide with next week's release of football blockbuster Madden NFL 08, and applies to all three Xbox 360 bundles. Once the new price takes effect, the basic Xbox 360 Core System will retail at $279.99, while the standard machine will cost $349.99 and the premium-priced Elite model $449.99. Microsoft's price drop comes amid gradually declining sales for the 360. The machine's strongest competition comes from Nintendo, whose DS and Wii consoles consistently post double or triple the sales numbers of the 360. Sony's next-generation console contender, the PS3, has been falling considerably short of the 360's popularity, although sales figures from the period after the PS3's price cut in early July are not yet available. Microsoft's latest move serves to preserve the price gulf between the 360 and the PS3, with almost $200 separating the cheapest models from each console's selection. It's also coming dangerously close to matching the price of Nintendo's Wii console, which narrowly remains the budget choice at $249.99 with no cut expected in the near future. Even with the shock delay of Grand Theft Auto IV into next year, Microsoft still took the opportunity today to talk up its bumper portfolio of holiday hopefuls -- Halo 3, Bioshock, and Rock Band, to name just three -- and it's clear the company is hoping to become the number-one choice for shoppers in the highly profitable Christmas shopping season. Mitch Koch, Microsoft's corporate vice-president for entertainment sales and marketing, proved bullish on the machine's prospects, saying in today's press release: "On the eve of the best holiday games lineup ever and the launch of 'Madden NFL 08,' there has never been a better time to jump into Xbox 360."

I'm hoping to buy one at some point too.

I find it interesting the Wii is still selling double - triple the amount that the 360 is. The game release schedule for the Wii is currently at a crawl.