Important news (I guess) that may have been leaked due to Target being a little anxious.

"Microsoft still hasn't officially announced a price cut for the Xbox 360, but Target has.  In a media alert sent out this evening, Target says that the rumors of an upcoming Xbox 360 price cut "have become a reality."  The alert confirms the new price as $299, a 50 dollar discount over what you previously had to pay."

Apparently, they also throw in a $25 gift card if you buy the Pro bundle.  Cool stuff if you ask me.

http://xbox360.ign.com/articles/888/888729p1.html

Update [2008-7-13 6:25:30 by Blankman]: This $50 price drop is only applicable for the Pro edition what is equipped with the 20 GB HDD.  The Arcade and Elite SKUs remain unchanged at the current price of $279.99 and $449.99, respectively.  MS is clearancing the Pro (formerly Premium) SKU & replacing it with a brand new SKU with a 60 GB HDD for $349.99.