http://kotaku.com/5024633/microsoft-announce-60gb-360-confirm-20gb-price+cut
It is 50 dollar price drop to clear the 20GB inventory to make room for the 60GB 360 which is just 40GB more and the same as the pro and will be priced back up again at $349.
Oh but i'm sure those "NEW 60GB 360 IN STOCK" posters will make people think it's actually a new and improved sku never minding the price has jumped back up again









