As expected, the rumors were true. This Friday, the Xbox 360 Elite will drop $100 to $300 with no HDMI cable included. While the mid-range 360 Pro will drop down to $250 from $300. The Pro will also be phased-out at this price.

Then there’s the $300 120GB Elite and the $200 Arcade, which comes with five games and 256MB memory. Let the war begin. Sony’s new PS3 Slim is the same price as the Xbox Elite. And the 80GB and 160GB PS3s are now cut to $300 and $400.

It will be interesting to see what happens now.

[Gizmodo]