Microsoft this evening has announced that the Xbox 360 will be $50 cheaper beginning August 8th. Here is the low-down of the prices for each SKU of the Xbox 360:

• Xbox 360 Premium (with 20GB harddrive etc) = $349.99
• Xbox 360 Core = $279.99
• Xbox 360 Elite (Black colored console with 120GB) = $449.99

And in September to celebrate the release of Halo 3, Microsoft will release the Xbox 360 Halo 3 Special Edition Console for $399.99. The Halo 3 Special Edition console comes with a authentic Spartan green-and-gold finish with matching Wireless Controller, 20GB harddrive, Headset, and Play and Charge Kit. Click here for the low-down on the Halo 3 Special Edition Xbox 360 from Joystiq.

Despite owning a Xbox 360 already - the $50 price drop does entice me to seriously look at possibly getting a Xbox 360 Elite or the Halo 3 Special Edition consoles. Or maybe I’ll just go buy the 120GB harddrive instead. I am not sure yet.