i saw this one coming from a mile away didnt see it coming with the madden release tho.

It's Official: Xbox 360 Sees Price Drop
All system types to see cost reduction.
by Jeremy Dunham

August 6, 2007 - Microsoft has just given word that it has officially dropped the price of the Xbox 360 by $50 U.S. dollars to coincide with the release of Madden NFL 08. Beginning August 8, the "Premium" system will retail for $349.99 (down from $399.99) and will still come complete with a headset, controller and 20GB hard drive. The Xbox 360 core system, which is the system only, has dropped $20 itself -- down to $279.99 from $299.99.

In "special package land," gamers with extra money to spend can pick up the Elite version of the Xbox 360 for $449.99 (down thirty bucks from its original $479.99 pricing). The Halo 3 Xbox 360 will ship in September for $399.99.

"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," said Mitch Koch, corporate vice president, Global Retail Sales and Marketing Group, Entertainment and Devices Division at Microsoft. "On the eve of the best holiday games lineup ever and the launch of Madden NFL 08, there has never been a better time to jump into Xbox 360."

Expect more should it develop.