Microsoft announces a new 60GB Xbox 360 to be available at retail in August for $349.

This announcement also makes the price-cut of the 20GB Xbox 360 Pro official. Microsoft today dropped the price of its 20GB Xbox 360 console in the U.S. and Canada to $299 (U.S.) (ERP) while supplies last, a savings of $50.

Since Microsoft has its E3 press-conference on Monday, there is a good chance that there will be bigger, more exciting news from Microsoft than this boring 60GB storage upgrade of the Xbox 360.

Besides the Xbox 360 Pro 60GB and 20GB there are two more Xbox 360 consoles available: Xbox 360 Arcade, which comes with a 256MB memory unit and five Xbox LIVE Arcade games, is a value for the whole family for $279 (U.S.) (ERP), and the premium Xbox 360 Elite console is available with a 120GB hard drive for $449 (U.S.) (ERP).
More details on the Xbox site.