From what I have heard, there was no price cut announced today.

I think the most effective price cut would be lowering the price of the software.
I know of lots of people who tell me they chose a Wii because the games are cheaper.

Well if it was the Elite vs. the PS3 at $249.99 vs. $299.99 respectively, then it wouldn't do a whole lot. It would definitely reduce the rate that the PS3 will be outselling the 360 from now on, but what Microsoft really needs to do is reduce the price of the Arcade. A $149.99 360 vs. a $299.99 PS3 is a battle that Microsoft my have a chance at winning, if only a slim chance.

Both of those together would do quite a bit of damage.

I don't think a price drop is needed for the 360. Right now people walk out the door with a 360 for $199 and a PS3 for $299, that's all the average consumer wil see. I'm betting the 360 still outsells the Ps3 this christmas even without another price drop.

The Xbox 360 will still do really well in the U.S. because its probably in more demand there than the PS3.

Sony talks up value, and this is the rare occasion that it actually bears mentioning.

360 will have deals for the 60 for sept then 360 will get a game add in oct

Not much its selling great compared to other years, Natal will give it a mega boost.

isn't the elite $400?