If you've been holding off to get an Xbox 360 for the price to come down, now just may be the time while supplies last. 
On the heels of E3, this AM the Xbox team announced a signficant price drop to $299 for the 20GB box.  For the media enthused, a new 60GB version is also on the way.

Here's the skinny:

• Microsoft today dropped the price of its 20GB Xbox 360 console in the U.S. and Canada to just $299 (U.S.) (ERP) while supplies last, a savings of $50.
• Available in retail stores in the U.S. and Canada starting in early August, the upgraded Xbox 360 will include a 60GB hard drive for storing the growing wealth of digital entertainment available for the console, including music, movies, television shows, and game content.

More details in the press release.