At the GamesCom conference last week, eyebrows were raised when Microsoft did not announce a pricecut of the 360 after Sony announced their PlayStation 3 console's drop to $299.

Over the weekend, however, a Wal Mart (WMT) advertisement distributed by video game website Kotaku and also another regional chain advertisement appear to confirm the coming of a Microsoft 360 Elite price cut to $299 by the end of this week.  The $100 price cuts combined with what is expected to be a robust upcoming title slate will be good news for an industry that has struggled in the first half of this year with delays and difficult comparables.

Along with the PS3 pricecut, the Xbox 360 cut will be welcome news for all of the video game industry, including Activision (ATVI), Gamestop (GME), Electronic Arts (ERTS), Take Two (TTWO) Interactive and THQ Inc (THQI).