Xbox 360 price cuts imminent?

Joystiq says Xbox 360 price cuts are a done deal--and posts a Radio Shack newspaper circular advertising the lower prices to prove it.

John Falcone Senior Editorial Director, Shopping
John P. Falcone is the senior director of commerce content at CNET, where he coordinates coverage of the site's buying recommendations alongside the CNET Advice team (where he previously headed the consumer electronics reviews section). He's been a CNET editor since 2003.
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John Falcone
2 min read
Radio Shack flyer showing Xbox 360 price cuts
The telltale Radio Shack flyer. Joystiq

According to gaming blog Joystiq, all three Xbox 360 models will be getting a price cut in the next three weeks. According to the AOL gaming blog:

A few of our retail contacts, some of whom have given us good intel in the past--and who all work for separate corporations--have sent us identical information regarding a price drop.

Adding significant gravitas to the claim is the inclusion of an authentic-looking Radio Shack newspaper circular dated September 7. The ad shows price cuts across the board for all three Xbox 360 models: the 120GB Elite for $399 (down from $449); the new 60GB Pro model for $299 (down from $349); and Xbox 360 Arcade--which lacks a hard drive--for just $199 (down from $279).

The purported price cuts are exactly in line with the drops that were rumored earlier this month. If accurate, they would potentially jump-start the 360's sales, making it newly competitive with the Sony PS3 (which has a new $399 80GB model) and even the current market champ, the $249 Nintendo Wii.

Microsoft hasn't responded to these rumors in the past, and I doubt we'll hear anything from them this time around, either. But this one certainly seems to have a whiff of verisimilitude to it--enough that I'd certainly recommend to anybody in the market for a 360 wait until mid-September to see what happens.

What do you think: would you take the plunge on an Xbox 360 for $300 or $200? Or are you just hoping that Microsoft's move would spur Nintendo and Sony to drop prices as well?