We've been hearing rumors of a $100 price cut for the 120 GB Xbox 360 Elite for a few days now. An image of the console at its new price was snapped in a leaked Meijer's catalogue, and now we've got more evidence of this change to Microsoft's line-up. Engadget has a snapshot from an unreleased Wal-Mart catalogue that also lists the Xbox 360 as selling for $299.
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This isn't official word from Microsoft, but the fact that two major catalogues both showed the same thing leads me to believe that this price cut is pretty much a given. It makes perfect sense from a business standpoint. With the release of the PS3 Slim, the Elite is now the most expensive console on the market.
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Microsoft can't have that and, since the Xbox 360 is the only console that isn't in steep decline right now, they're able to afford a little reduction in their profit margins. Redmond must think that this move will let the air out of Sony's sails a bit, and keep the Xbox on top of the console game as we turn into the holiday season. They may be right.