Microsoft Cuts Price of Xbox 360 Elite

Microsoft just announced that they are cutting the price of the Xbox 360 Elite by $100. With the price reduction, Microsoft's most expensive Xbox 360 system is now $299. This comes as no surprise, after all, Sony recently announced a price cut of $100 on their PlayStation 3 and unveiled a new, Slim Edition. This puts both units, the PS3 and Xbox 360 Elite, priced the same, $299.

According to the Associated Press, Microsoft will be phasing out the mid-range Pro version. It will be marked down from $299 to $249 (while supplies last). Microsoft will still be offering the cheapest Xbox 360, the Arcade, for $199. The price cuts are said to go into effect on Friday.