The folks at Redmond are debuting a new 60GB Xbox 360 to replace the $349 pricepoint, which will be available in "early August." You can pick up a 20GB "while supplies last," but the $279 Arcade and $449 Elite prices are still firm. The price drop is expected to be officially announced during Monday's E3 keynote.

The Elite edition also recieves a $50 price drop on Amazon, now costing $400.

On the PS3 side of things, Sony Japan has said that there are no plans to drop the current price of the PlayStation 3.

Speaking to investors, chief financial officer Nobuyuki Oneda said "Our strategy is not to sell more quantity for PS3 but to concentrate on profitability. Our plan is not to reduce the price."

Also, Sony could be replacing the 40GB PlayStation 3 model with a new version as early as next month, according to a Wal-Mart data sheet obtained by Joystiq. Wonder what'll replace it? Hopefully something will be announced at E3.

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