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I dont think this will happen.

350$ is not much for a console. While the Ps4 is annihilating the X1 saleswise, the system is selling decent enough to keep its current price tag.

However, this holidays Microsoft being Microsoft will be releasing some CRAZY ASS deals to try to compete with the Ps4, that i think it will be pricing the console sub 300$ if you count the rest of the stuff bundled.

Something like, Xbox One + Extra Controller + TR + Halo 5 + 50$ Live Points for 350$.