Microsoft confirmed the leaked price cuts for the Xbox 360 with an official announcement.

Beginning on August 8th (tomorrow, Wednesday) the Xbox 360 console will be selling for $50 less.
The Xbox 360 premium (Amazon.com) will then be on sale for $349.99 and the Xbox 360 Core (Amazon.com) will sell for $279.99.

The black Xbox 360 Elite (Amazon.com) with 120GB HDD will be priced at $449.99. Xbox 360 Halo 3 Special Edition Console will hit store shelves in September with a price of $399.99.

Microsoft also points to Madden NFL 08 on August 14th. Madden NFL was the top-selling game in 2006 and is the top-selling franchise of the past 10 years.