Looks like the Xbox 360 is officially getting a price cut that will bring the system in line with the new PS3 prices. The cut, which would only be coming to the Xbox 360 Elite system, brings the console down from $399 to $299.

I say officially because the first actual sighting of the price came in a Meijer catalog. Now we have a second in a Wal-Mart ad that sports the new Elite console box and doesn’t show the once-included HDMI cable (nor component cables you may notice). The new SKU is actually kind of a crap deal. You get no HD support. Instead, they give you a hard drive boost that, frankly, isn’t big enough if Microsoft wants to get serious about downloadable content.

I’ve always preferred the Xbox to a Playstation, but this really makes the PS3 a whole lot more appealing. Granted, I don’t know their game lineups nearly as well, I’m not as familiar with the controller, but they’re supposedly adding a 250GB hard drive and you get Blu-Ray support.