Xbox 360 gets cheaper again

Microsoft has now officially confirmed the impending Xbox 360 price cuts, detailing cuts across the board for all models of the console in Europe.

The price cut, which kicks in on Friday 14th, will see the following reductions:

• Xbox 360 Arcade - £40 price cut, new Estimated Retail Price of £159.99 (€199.99)
  
• Xbox 360 Pro - £50 price cut, new ERP of £199.99 (€269.99)
  
• Xbox 360 Elite - £40 price cut, new ERP of £259.99 (€369.99)

“We continue to offer intense, immersive gaming experiences for gamers – but now we’re priced in a way that will allow new consumers to find out for themselves why Xbox 360 is the ultimate in high-definition entertainment.” said Chris Lewis, Vice President of Microsoft Interactive Entertainment Business Europe in a public statement.

“History shows that £159.99 is the price point where a console’s audience begins to expand, and with these new ERPs in place we’re ready to bring more consumers into the Xbox 360 world.”

Is the man right? Is the new, lower price point enough to interest you if you don't already have an Xbox 360 or are you going to stand firmly by your PlayStation 3? Let us know in the forums.