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don't worry/happy,thats not price cut

http://hawtwired.com/blogs/news/archive/2010/10/14/653.aspx

In a fire shot across the bow of both Sony and Nintendo, Microsoft began to offer an Xbox 360 4 GB Console bundle for a whopping 30% discount!

The console bundle includes all of the following for only $249 (Reg. $349) with Free shipping:

New Xbox 360 4GB Console - $199 Value 
12 Month Xbox LIVE Card - $49.99 Value 
4000 Xbox LIVE Points - $49.99 Value 
Extra Wireless Xbox 360 Controller - $49.99 Value 
Total Value - $349

Check it out:  Microsoft Store - Xbox 360 4GB Promo