It's official: We've got an Xbox 360 price cut coming to the US. Our friends in Japan announced their price cut earlier this week, but now it's time to roll one out here. As of September 5th, the new prices will be as follows:

Xbox 360 Arcade $199
Xbox 360 $299
Xbox 360 Elite $399

Business Week has just posted an article outlining their thoughts on this latest round of pricing.

Xbox 360 Price cut (now US $199) - Xbox Lives Major Nelson