The Xbox price cut follows a similar move by Sony when it slashed the price of its PlayStation 3 games console with the launch of the PlayStation 3 Slim. At the moment Nintendo is the only firm not to have cut it's Wii games console price.
If you haven't jumped in to the world of HD Xbox gaming then this is the best time to take the plunge - with the announcement by microsoft of an Xbox 360 Elite price drop!
You can now pick up a sleek black Elite console, complete with an enormous 120GB Hard Drive, HDMI port, wireless controller, black headset and one month's Xbox Live Gold Access, for just £199.99!
New PS3 Slim + Free Game - Pre-Order at Argos now for Sept. 1st delivery
As we get into the festive season, competition is bound to hot up in the games market and this may benefit consumer as manufacturers cut prices to increase sales.