Xbox 360 Elite Now $299

Alright, so this isn’t exactly official but according to several sources, the Xbox 360 line-up is getting a make over. The arcade is expected to remain at the same price, with it’s recently updated 512MB of built in memory, but the pro is expected to be phased out of the line-up. The black 360 elite is expected to take a $100 price cut and occupy the $299 space. This would make the $299 console market very interesting with both the blu-ray playing, PS3 slim and the netflix enabled Xbox 360 elite directly competing at the same price point. Sony hasn’t given any information regarding a model competing with the lower cost Xbox 360 arcade, so Microsoft will continue to have the lowest priced console on the market in their $199 arcade.

But when should you be expecting this price drop? Per the evidence for this news are ads from Meijer (above) and walmart (bellow) advertising the elite at $299. The meijer ad is reportedly for August 30th while the walmart ad is for this upcoming week. (I have yet to see my official walmart ad to confirm) However, the mounting evidence makes sense as Microsoft would like to remain competitive with the PS3.

Of course, no official statement on the removal of the 360 Pro from the line-up or a price cut for the Elite has been offered by Microsoft.