With that recent change in price for Sony's console, the Xbox 360 is now the most expensive console on the market. The cheapest version of the platform retails for around $300, with the high-end model priced at $400.
Of course, in addition to the cost of the system, Microsoft is the only one that charges users to be able to play games online. Thus the 360 now has the questionable position of being both the oldest of the three major consoles, and the most expensive, a counter-intuitive position by any means.
During a media event at this week's Gamescom trade show in Europe, Microsoft VP Chris Lewis was asked about the PS3 price drop and whether or not it would lead to a similar move for the 360.
"As you can imagine, we plan for these scenarios all the time. For me to sit here and say that was a big surprise would be a lie. Respect for what they do, of course. I love the competition, actually: it keeps us on our toes, and consumers benefit ultimately," Lewis replied.
But Lewis assured that a price drop was not in the works. He rationalized that the Xbox 360 is the leader in the console war, calling its features and services the best available.
"We think we offer great value now. We have better service provision than anybody. We attach more effectively than anybody. I think Xbox Live's enviable. What we've achieved with Kinect has given us growth that I think others would aspire to at this point in the lifecycle. We're happy with our position. While we're not complacent about the competition, I wouldn't trade places," Lewis said.
However, it would be crazy to think the Xbox 360 can continue to sell that well without a price drop soon. A PS3-like cut to $250 is probably likely within the next several months, especially since there is growing speculation about the 360's successor which could be revealed as early as next year.