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z64dan said:
Dropping the price in july is usually unheard-of. Gamecube dropped by $50 in may 2001, if that gives you any idea. Microsoft is probably just waiting for october or november to slash the price - and put Sony into a corner again (most console sales happen in the holidays).

Historically price drops have been in May (ps2 & Xbox cut in May 2001 too), but that was likely to capitalise on E3, which in now in July.