Many rumors have been floating around concerning a possible price cut, and it looks like it’s time to give confirmation on the rumor. According to The Wall Street Journal, Microsoft will be indeed bring the console down to $299. And to add to the announcement there’s suggestion that a new 60GB Premium unit is set to replace the current 20GB edition will be announced at E3 later this month.

Now, that this rumor is no longer around I think it’s time that we talk about what you are going to with that $50 you saved? How about a new video game like The Force Unleashed you can aways pre-order the game? Huh…… I know you want too…….