We’ve been seeing the rumours pop up in every store flyer you can think of for the past two weeks, but now we’ve finally got confirmation. The current premium SKU of the Xbox 360 will be dropping down 50 bucks to a sweet $299 retail. Man thassa cheap console! Now, this new 60GB model will be taking the old price point, coming in at $349. Interestingly enough, (or not) the Arcade model (no HDD) and the Elite (cartoonishly big HDD) will be stickin’ to their current price points, $280 and $450 respectively.

Now, why on earth would anyone not pony up an extra $20 bucks to get a hard drive rather than the skimpy Arcade version? Also, with this news now out the Microsoft door and in the lap of the happy public, will we be hearing anything from Sony regarding a cheaper PS3? Now’s the time, with E3 one day away.