Microsoft has officially cut the prices of its XBox 360's to compete with Sony's recently price chages on New slim 120GB PlayStation 3 Model.

Currently, Microsoft offers its hardware in three tiers: the $199 hard-drive-less Arcade, the $299 60GB Pro, and the $399 120GB Elite. However, according to a Meijer circular obtained by gaming blog Kotaku, Microsoft plans to officially replace the 60GB Xbox 360 Pro with the 120GB Xbox 360 Elite model at the $299 price point as early as August 30.

"With the holiday season right around the corner, it's already time to start looking for entertainment and gifts that everyone will enjoy," said Shane Kim, corporate vice president of strategy and business development for the Interactive Entertainment Business at Microsoft Corp. "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."

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