It turns out the rumors are true - the Xbox 360 "Pro" 20 GB model's price has been slashed. The reason for the price slash is a bit of a surprise, though. Apparently they're phasing out the "Pro" model in favor of a new bundle.

As of this weekend, the Pro is available for $299. The new model will have a 60 GB hard drive and will retail for the Pro's old price - $349.99. No word on whether this new SKU will come with any accessories not previously packaged with the Pro. Maybe they'll throw in an HD DVD player, just for yuks. The 60 GB Xbox 360 will be available sometime in August.

For those of you wondering, the prices of the 120GB Elite ($449) and hard drive-less Arcade ($279) won't be changing. For now anyway - the main focus is trying to get rid of all those Pros - those stupid, crappy, obsolete Pros.