Microsoft is holding their E3 press conference tonight. What should we expect? Well, according to overpaid palmreaders analysts, Xbox 360 price cuts are in the works. You didn't think Papa Microsoft would let Sony go unanswered, did you?

Basically, $50-70 price cuts are expected on all three Xbox 360 models. Wedbush Morgan-analyst Michael Pachter predicts the Elite will drop from $479 to $399, the Premium from $399 to $349, and the Core from $299 to $249. Hey, that's Wii territory! If these figures are correct, things could get pretty interesting in the console sales world, especially when games such as GTA IV start hitting shelves and Wii owners are stuck with WarioWare 15 or whatever Nintendo has planned for this fall.

In any case, all will be revealed tonight at around 8pm PST, and our own Jason Chen will be there live to get you the news. Stay tuned. [Kotaku]

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