It hasn't been officially confirmed by Microsoft yet, but it looks all but the reality considering all of the leaked promotional material doing the rounds. The price cut comes after a recent improvement in PS3 sales, largely due to the release of MGS4. There is no word on whether other Xbox 360 models will get a similar cut, which has led to some speculation that this is simply MS clearing out the current pro version in readiness for a new model (possibly with a 60GB HDD) to hit the line up. Hopefully we'll hear some official word from MS on that sometime early next week.