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 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 welcome news for an industry that has struggled in the first half of this year with delays and difficult comparables.