Microsoft hasn't even managed to roll out the official specs list for the newly announced Xbox 360 Arcade and a well known website has already unboxed the machine, thanks to tipster Emanuel. The respective console still needs to be dated for launch but engadget.com claims you'll be able to pick one up for $299.99, even though Amazon says they have a cheaper offering, whenever Microsoft says it'll be available.

Something that everyone should know before going ballistic about the low price is that the Xbox 360 Arcade doesn't feature a hard drive, but just 256 MB of internal memory for saves and small stuff like that. It does however come with an HDMI port (no HDMI cable though), one wireless controller "and a disc full of Xbox LIVE demos such as "Boom Boom Rocket, Feeding Frenzy, Luxor 2, Pac-Man Championship, and Uno", according to the same website.

An Xbox 360 Arcade console is the logical choice for those that want a taste of HD viewing pleasure and next-gen fun, without having to spend half their salary on the machine. More than that, everything available on that included disc is more than what anyone needs to get started learning about the Xbox 360.

And just so everyone's on the same level here, Xbox 360 Arcade will enable you to play even the latest of next-gen titles available for Microsoft's console. Games like Halo 3, Lost Planet: Extreme Condition, BioShock and BioWare's upcoming RPG, Mass Effect will run perfectly on your Xbox 360 Arcade.

You'll probably just have to play one game at a time if you want to finish it, as 256 MB of saved space isn't very much. As soon as Microsoft rolls out a fact sheet for the system, we'll make sure we have the list ready for you minutes after it hits the Internet. Until then, consider the Xbox 360 Arcade as a mere alternative to other consoles that don't feature a hard drive. After all, the Arcade demos disc is everything it has above the Core SKU.