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Well, this ain’t no surprise. After weeks of rumor and speculation for a price cut on the Xbox 360 Elite and a discontinuation of the 360 Pro, Microsoft has finally confirmed the price cut and it officially starts today. The 120GB Elite console is now $300, a whopping $100 cheaper, and the 60GB Pro console is now $50 cheaper at $250, but only while supplies last because once they’re sold out, there won’t be anymore. The hard drive-less Arcade edition still remains at $200.

With Sony’s recently announced $299 120GB PS3 Slim, Microsoft’s Elite console is now on par with their counterpart and we’re in for another heated battle for sales this holiday season. So, what’s the catch with $100 price drop? No HDMI cables that’s what. Yep, the new Xbox 360 Elite bundle comes in a new fancy package, but now minus the HD cables and is instead bundled with the standard AV connector. That’s whack, but still a worth the price cut as you can find HDMI cables for rather cheap these days.

The price cut starts today, so if you’re one of the few gamers without an Xbox 360, now’s the time to get one.