According to Joystiq, the Xbox 360 will have a price cut. The price cut will affect all models, $20 off the Core system, $50 off the Premium system, and $30 off the Elite system. They are citing Wal-Mart, Toys-R-Us, and Circuit City flyers.
This comes right on the heels of the Playstation 3 dropping in price and then the 60GB version getting discontinued. I’m hoping that this will start a fun little price war between Microsoft and Sony where the only winner is the customers.
Along with this, if you buy the Premium version of the Xbox 360 at Circuit City you can get a free Table Tennis game.