I see a possibility for a small price drop (maybe $30 for Arcade and Premium, $50 for Elite), along with a massive advertising campaign in the next couple of weeks (maybe around the 15th or 16th), just in time for Christmas. Think about it:
A different commercial showcasing each genre that they cater to. Each one would start the same, with the white/green Xbox logo on the screen and an upbeat voice saying "What do YOU want to play?"
To hands move onto the screen from the bottom, one holding a black marker, one with a torn piece of paper. It very quickly (fast-forward) writes the genre on the paper. Then a montage of that type of genre on 360. For example, if the hand said "RPG", it would then flash to a 45-second montage of everything from Mass Effect and Oblivion to Eternal Sonata, set to final-fantasy-ish music. It would showcase the best moments of each game.
Then, fade to white: "Xbox 360. Starting at $239"
They would have a commercial like this for every genre, showcasing everything from Gears, to Assassin's Creed, to Dead Rising. Also, a commercial for their large library of player's choice titles and Xbox Live Marketplace.
I then think that they would do another $30 drop across all SKU's (at the minimum, if Sony doesn't also drop) at the release of GTA4, making a very big difference between the price of the Elite and the 40-gig.
Just my 2 cents, though, and I definitely think we'll see a big advertising push.
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