The rumors were true! Microsoft just announced price cuts for all 360 units effective August 8th. So, whatever you do today, don't buy that new Xbox until tomorrow. Here's a breakdown of the new prices:

* xbox 360: $349.99

* Xbox 360 Core System: $279.99

* Xbox 360 Elite: $449.99

* Xbox 360 Halo® 3 Special Edition Console: $399.99

I still think that the Elite is overpriced and that the Core should be gone entirely but $350 for the Premium model is a pretty good deal.