By: Colby Aley

Microsoft today announced that they will be lowering the prices of the Xbox 360.

Xbox 360 Arcade: Still, $199.99

Xbox 360 Pro: lowered by $50 to $249.99

Xbox 360 Elite: lowered by $100 to $299.99

These new prices are effective 8/28/09.

What do you think of the lowered prices? If you have not bought an Xbox 360 already will this convince you to buy one?

UPDATE: The Xbox 360 Pro will be discontinued and is being sold for $250 while supplies last. While the price of the Elite has been dropped, it no longer comes with a HD cable.