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Microsoft have made it official now: The Xbox 360 Elite would now retail for $299 (down from $399) starting August 28, while the Xbox 360 Pro would be phased out with a price cut to $249. While rumors were already strong that a price cut would happen this August, an official announcement really helps settling things up.

The Arcade system will still remain at $199 – which already is the cheapest console from this generation. The price cuts will again put Microsoft at a sweet spot with their competition as Nintendo Wii still retails at $249 and the new PlayStation 3 Slim would be introduced at $299.

Microsoft went on to say that the price cuts weren’t announced as a response to Sony’s – in fact they had been planned for a while now, which is evident from all the rumors we have been hearing. And just to squash the last piece of doubts, Microsoft again says that Project Natal would work with every Xbox 360 system sold to date.

So what are you waiting for? Going to get an Xbox 360 now or still carving for that PlayStation 3 Slim?