Starting Wednesday, the Core system will retail for $279 (a $20 price cut), the Premium will retail for $349 (a $50 price cut), and the Elite system will be available for $449 (a $30 price cut).

The Halo-themed Xbox 360 is coming in September for $399, and the Halo 3 wireless headset will debut at $59.99.

Xbox 360 Elite was $479.99 now $449.99
Xbox 360 System was $399 now $349.99
Xbox 360 Core was $299.00 now $279.00

Plus, the Halo 3 Special Edition Console price has been announced as $399.99

Xbox.com Statement

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?