Following the Xbox 360 price cut at the beginning of the current month in the US, Microsoft announced that they will also make cheaper consoles available in Europe. Starting from August 24, you'll have spend 350 euros (about $470) for an Xbox 360 console, in its 20-gigabyte version, if you're an European customer.

This is a 13 percent price cut and in case you want to get the Elite pack, it will be available for about 450 euros ($600). It comes with a 120GB hard drive and high definition video features. Microsoft's consoles are way cheaper in the US, following this price cut and the 20-gigabyte Xbox 360 costs $349, while the Elite pack costs $449.

Although Microsoft denies it, their decision to cut the prices comes almost immediately after Sony's similar move, that allowed the PS3 fans to buy a console for $499, thanks to a 17 percent reduction. Taking a look in the Nintendo camp, the Wii is by far the cheapest console, at $250, so the battle's pretty tight in the next-gen war.

The cheaper Playstation 3 is not yet available in Europe, but gamers can find some sort of consolation in the fact that they'll spend 599 euros ($800) for a 60GB PS3, two wireless controllers and two games included in the pack. Will we see another price cut this Christmas, considering that such marketing decisions are common in the gaming industry?

Also, one should wonder if Microsoft will pull the same move again, in case Sony decides to offer the public an even cheaper PS3. Let's not forget about the slim PSP, that will hit the market at an irresistible price, making us forget next-gen consoles and buy the portable wonder. If a cheaper Wii is on its way as well, we might see the console wars turning into a "turn-based price reduction game".