It looks like presistant rumors of an Xbox 360 price cut may finally translate to real savings at the checkout counter. A couple of flyers posted over at Joystiq suggest that a $50 price cut will be applied to the $399 Xbox 360 Premium console as early as August 12—just in time for Madden '08. The Wal-Mart and Toys 'R' Us ads only list a 360 at $349, so it's unclear whether the $50 discount will also be applied to the Core and Elite systems. Microsoft recently cut the price of the Xbox 360's HD DVD drive, as well.
A $50 Xbox 360 price cut wouldn't be as dramatic as the $100 discount Sony applied to its 60GB PlayStation 3. That discount wasn't really a price cut, though. Sony is phasing out its current $499 PlayStation 3 offerings and hasn't announced new models to fill in at the lower price point. Once stocks of 60GB PlayStation 3 consoles run dry, Sony will be left with a single model at $599.
Update — It looks like the $50 price cut will be exclusive to Premium Xbox 360 models. The Core system will apparently receive a $20 discount, with Elite systems seeing a $30 price drop.
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