DeltaXIII on 28 July 2007
As others have said in other threads, they're likely waiting until the newer model to cut prices as it will be cheaper to make and hopefully have fixed at least the RRoD problem. This small cut is perhaps just a response to the bad press they've been getting lately. I know several people who would buy a 360 now if the problem was fixed. Obviously a lower price is always nice, but from most people I've heard from, it's not the biggest factor holding them back for now.
