It's been a while since we've seen any big price cuts for any of the major consoles here in the US. Rumor has it that we'll be seeing one for the Xbox 360 at the beginning of next month.
According to a couple of pictures snapped of a Kmart flyer, the Xbox 360 Premium is getting a “new low price” of $299. For those playing along at home, that's a nice $50 drop from the current price. There's no mention of the Arcade or Elite versions, but we would imagine that if one gets a price cut, they all do.
This is still unconfirmed, which is why I'm still labeling it a rumor. I'm sure we'll hear something official sometime next week from Microsoft on the matter.