Microsoft has officially announced that it is cutting the prices of the Xbox 360 Pro and Elite just one week after Sony announced the new PlayStation 3 Slim and the fact that it would sell for 299 dollars when coming out on September 1. The interesting fact is that the Redmond-based company is basically shedding the price ahead of Sony as its consoles will be getting the cut starting today, three days ahead of the PlayStation 3.

The biggest cut is for the Xbox 360 Elite version, which has a 120 GB hard drive, the top of the line device, which will now sell for 299 dollars, 100 less than the initial price.

This means that most players who are looking for the best home console will no longer have to factor in price in their choice, as both Sony and Microsoft are now charging the same for their top of the line devices. Potential buyers should take note of the fact that the Elite version of the Xbox 360 will no longer be sold with HDMI cables.

The Xbox 360 Pro is also getting a cut, of only 50 dollars, meaning that it now costs as much as a Nintendo Wii but the software giant has announced that it will no longer make this variant of the console, probably because it costs too much to maintain a separate production line. Basically, Microsoft is set to offer just two console versions, one for entry level gamers, the Arcade, priced at just 199 dollars, and one for advanced players, the Elite.

Microsoft is looking to the future, emphasizing that Project Natal will be the next big thing. Shane Kim, Interactive Entertainment Business executive, Microsoft, said that “If you're looking for deep experiences that don't require deep pockets, now is the time to purchase an Xbox 360. We've got the best games, a vast library of TV shows and movies, new music experiences, more ways to connect friends and family, and so much more on the horizon including 'Project Natal' - no controller required.”