As expected, Microsoft announced a price cut for an Xbox 360, from $399 to $299 for the "elite" version, effective starting tomorrow. It comes with the bigger hard drive you're definitely going to want, but it doesn't come with an HDMI or component cable, so don't forget to pick one up. Also, you can get the nifty new box (pictured) which will look great in whatever corner it occupies in your garage before you bring yourself to throw it out.