A $50 price cut for the Xbox 360 Pro and Elite models has been practically confirmed, with the drop expected to take effect on or around September 7. Whereas the two higher-end Xbox 360 models will drop by $50, the hard drive-less Arcade unit is said to see a reduction of $70, making it $199.

Sony previously stated that it would not drop the price of its various PlayStation 3 units this year. However, the company is introducing higher-capacity PS3 models--the $399 80GB and the $499 160GB bundle--that maintain the existing prices of PS3 hardware.