Microsoft’s Xbox 360 Elite just dropped to $299. That’s a pretty sweet price. But Microsoft wasn’t done. They’ve begun a new mail-in rebate program that brings the cost down to $249. That means that consoles purchased between today and October 5th are eligible.

They must be feeling the heat from the PS3s price. Just visit Xbox.com/eliterebate. This is for US purchases only.

What happens after October 6th? A $50 price drop for Christmas? We can only hope.

[Majornelson]