Microsoft's latest round of Xbox price cuts are now upon us. The 120GB Elite has dropped to $399, while the 60GB and Core bundles are now $299 and $199, respectively.

We are thrilled to be the first next-generation console on the market to reach $199, a price that invites everyone to enjoy Xbox 360,” said Microsoft Interactive Entertainment Business Senior VP Don Mattrick. "Xbox 360 delivers amazing performance at an extraordinary value with the leading online service and best lineup of games, downloadable movies and TV shows available from a console. The majority of consumers make the decision to buy consoles once the price falls to this mark, making this an important milestone for consumers and the industry."

Those most likely to be shaking their heads -- or fists -- at this latest announcement are those that recently thought they were getting a slick deal when the 60GB Xbox 360 Pro was introduced at $349. Newcomers to the Xbox 360 fold are likely to appreciate this move, but current Xbox 60GB Pro owners may wish to go on an iPhone-esque rampage.