PS3's primary competitor in the gaming market, the Xbox 360, has just had its first official price cut.
Microsoft has announced that every 360 model will see some sort of price reduction as of tomorrow. The previously $399 premium SKU will see a $50 cut, retailing at $349.99. The Xbox 360 Elite SKU will see $30 price cut, dropping down to a still pricey $449.99. The Xbox 360 Core version will see the smallest price cut of them all, dropping a mere $20 from $299.99 to $279.99.
In other 360 news, the specially designed Halo 3 Xbox 360 will launch alongside the title this September for $399.99.

Mitch Koch, corporate vice president, Global Retail Sales and Marketing Group, Entertainment and Devices Division at Microsoft said, "The fact that we have been able to keep our launch price longer than any other console while retaining our leadership position demonstrates that consumers believe in the value of Xbox 360."
via psu