You don't have an excuse now...

You knew it was coming...

Starting August 8th, the Xbox 360 will be $50.00 cheaper. In the announcement made earlier tonight, the price was dropped on all Xbox 360 SKU’s available in the US*

Here is how it breaks down.

Xbox 360 Elite $479.99 now $449.99
Xbox 360 System $399 now $349.99
Xbox 360 Core $299.00 now $279.00

Plus, the Halo 3 Special Edition Console price has been announced as $399.99

A couple of things to keep in mind:
These new prices are effective as of Wednesday, August 8th in the U.S. only.
Regarding any global price drops I am told from the marketing folks that ‘Today we are announcing a price reduction in the U.S. We will announce other regional price decreases at the appropriate time.’

Full press release - Here

(From Larry "Major Nelson" Hryb and Xbox.com)