Hold onto your hats folks, I've got some breaking news that's going to blow you away. It seems that out of nowhere, Microsoft has decided to drop the price of the 20GB Xbox 360 Premium to $299. As an added shock, they have also announced that they will be releasing a 60GB console for $349.
You have to feel bad when an announcement like this is made. Everyone has known about the price cut for a little while now, making the announcement from Microsoft little more than the official confirmation.
As for the 60GB version, we are only slightly more surprised to hear about this one, since it too was rumored (though there was less hard evidence). We can expect to see these hitting store shelves sometime in the early part of August. The older 20GB version is of course, discontinued now, so get 'em while they're hot!