It has been rumoured to happen – and now it’s official. Microsoft are slashing the price of the 120 GB Xbox 360 Elite to £199.99, starting tomorrow, 28th August. With Sony set to release their new PS3 Slim on Tuesday, this gives Microsoft a whole Bank Holiday to steal a march on their bitter rivals. However, the Xbox Arcade will actually be rising in price, to £159.99 – I think we can expect some new features to justify the price hike – whilst the 360Pro SKU will be phased out altogether. With the PS3 price set at £250, this is an interesting move by Microsoft. £50 is a big difference for those on a tighter budget and could be crucial in pinching potential customers of the Playstation. The battle lines look like they’re being drawn for a nervy Christmas…..

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