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Apparently Gamestop employees received information about an Xbox 360 announcement for August 8th (complete with marketing materials).  It's safe to say that it's the price cut :)  Hopefully this price cut and Bioshock being released this month will allow the 360 to get some sales in before Playstation 3 domination begins in September with Lair :(

http://www.joystiq.com/2007/08/02/gamestop-email-microsoft-announcement-on-august-8/
by Justin McElroy Aug 2nd 2007 8:30AM

"We've heard of this email from a couple of tipsters who shall remain nameless, and now, through the magic of the internet, we're able to share it with you. The note, sent out on Tuesday to Gamestop stores, lets them know that they can expect marketing materials about an "upcoming announcement" from Microsoft that should be posted on Aug. 8. The sternly-worded missive also says that those that receive the "materials" early should not display them. Also, "DO NOT" is capitalized, so you know the person on the other end is through playing around, mister.

Now, we know there's a temptation to think that the materials will be about the rumored 360 price drop. But, as we're sure that Microsoft would tell you were they here, it could be about anything. Maybe it's a ... super secret new Zune. Hmm, you're not buying it. Yeah, neither are we. We'll let you know when one of our super spies takes a picture of the materials with their ballpoint pen camera before activating their stealth suit and shimmying out a heating duct."