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Maverick Hunter Z said:
Any price drop is better than no price drop.

PS3's temporary Price Cut for the 60GB model was only a 16.6% price cut. Xbox 360 Elite's will be roughly around 12.5%. So nobody is making big waves yet.

 Umm, Elite is going from $480 to $450, a 6.25% drop.

This price cut just seems like a less than half assed attempt to respond to Sony.   It also seems like a tacit admission that losing money on the console to make it back on games is a strategy that hasn't worked and is being abandoned.   Otherwise, I think we would see prices of $200, $250, and $350 for the 3 SKUs.  That would put the 360 at Wii levels of sales (maybe just below it because of the RROD).