The Playstation 3 recently got a price drop, so it was only a matter of time before the Xbox 360 followed suit. All three versions of Microsoft's console are getting cuts according to a Circuit City ad that's leaked to the web. Look for the Elite to drop to $450, the Premium to hit $350, and the Core to get within Wii-like price levels at $279.

These prices should go into effect on August 12, making it a pretty great time to jump on board with the Xbox if you've been holding out. The lineup for games coming out this holiday season for the Xbox is impressive to say the least (Grand Theft Auto 4, Call of Duty 4, Mass Effect, and BioShock, to name a few), and now that the price has taken a hop down you can rest assured that it won't drop again for a while. — Adam Frucci

Joystiq, via CrunchGear