Xbox 360 Elite Price Dropped by $100

The move made almost mandatory by the recent announcement of the PS3 Slim as well as a $100 price cut by Sony made this an expected move.  On Thursday, Microsoft announced that the price of the Xbox 360 Elite will be dropped by $100 to $299.  Yes, that's the high-end model with a 120GB hard drive,

There might be some bad news, however.  The 60GB model will be reduced by $50 to $249.  But that's good news, right?   Microsoft's press release, however, notes "while supplies last." Whoops, it looks the only two Xbox 360 models left (eventually) will be the 120GB Elite version and the $199 Arcade model, which comes sans hard drive..

Will Nintendo follow suit with its own price cut?  Nintendo's Wii has never been a technological powerhouse, and with these other consoles dropping close to its MSRP of $249, one would assume there might be some market share changes.  While the Wii's definitely redefined gaming with its innovative controls, Microsoft is quick to point out that the Xbox 360 you buy this year will be compatible with the controller-less "Project Natal." .

Shane Kim, corporate vice-president of strategy and business development for the Interactive Entertainment Business at Microsoft said:
"With the holiday season right around the corner, it's already time to start looking for entertainment and gifts that everyone will enjoy. If you're looking for deep experiences that don't require deep pockets, now is the time to purchase an Xbox 360. We've got the best games, a vast library of TV shows and movies, new music experiences, more ways to connect friends and family, and so much more on the horizon including 'Project Natal' - no controller required."
No mention of the PS3 price cut, but you have to assume it had a role to play in the Xbox price cut.