The PS3 has a new price effective today: $499 for the 60GB model. A new 80GB model is set for release in August that will come bundled with MotorStorm for the beloved price of $599. With that cat out of the bag, is a price cut on Xbox 360 imminent?

An analyst for Wedbush Morgan Securities thinks so, and issued a note to investors today that said Microsoft will announce an Xbox 360 price cut tomorrow at the start of the revamped E3 Media & Business Summit, which takes place all week.

Is it true? Next-gen.boz contacted Microsoft for comment who replied "Microsoft has not made any announcements regarding a price cut on Xbox 360." No-fluffy-joke. That's not what they said. They said you'll announce it tomorrow.

The analyst went on to state that the $299 Core pack will drop to $249; the $399 Premium pack will drop to $349; and the recently released $479 Elite model will drop to $399.

Is the prediction true? Only time will tell. Would a new lower price entice those of you who have been holding out? What about those thinking about an Elite upgrade?

The new upgraded console is set to launch on this day.

Details: http://hushedcasket.com/node/1857

The next XBOX 360 is due out in April will be called "Elite". It will be all black (including accessories) have a 120GB hard drive, and an HDMI video output. It won't have an HD-DVD drive. It should cost about $480. The black version will be a limited edition. The Elite will be found in the white color scheme after the limited edition is sold out.

XBOX360fanboy.com has details.