The oh-so anticipated price drop is finally confirmed straight from Xbox.com!

The new prices will be in effect on August 8, 2007, and are listed below:

Elite: $450
Premium: $350
Core: $280

As well as these new price announcements, Microsoft also revealed the pricing for the upcoming Halo 3 Edition Xbox 360 due to hit this september. This new SKU, which sports a 20gb HDD and an HDMI port, will be retailling for $400 in time for Halo 3.

Here is the direct link where you can read more about it!