Microsoft today officially announced that a 60GB Xbox 360 will be replacing the 20GB Pro system at the $349 price point. The 60GB hard drive is the only difference; the box will still include one wireless controller, a Xbox Live Headset, and a month of Xbox Live Gold membership for free. As we've covered before, retailers are cutting the price of a 20GB system to $299. It seems that $299 price point isn't a permanent one though, as Microsoft points out the $50 drop is one of the "while supplies last" variety. This could indicate that once sold out, the only SKUs will be the $279 HDD-less Arcade system, the $349 60GB Premium system, and the $449 120GB Elite.