20gb 360 reduced and discontinued,say hello to the 60gb Xbox 360

(From gamespot.com) After long declining to comment on "rumors and speculation" about the Xbox 360's $299 price cut--even when such "rumors" came from the Wall Street Journal--Microsoft has finally come clean. Today, the company formally announced it is dropping the price of the 20GB Xbox 360 Pro to $299 in the US and Canada, down $50 from its prior $349 cost.

The 60 gb Xbox 360 will go on sale in "early August" at the 20gb version's old price of $349.99 The old 20 gb Xbox 360 will be available only as long as supplies last.