Well, the worst kept secret of E3 is out in the open this morning as Microsoft confirmed the 20GB Xbox 360 will now feature a new retail price of $299. The $50 price cut is meant to clear inventory, and make room for a new a 60GB console, which will go on sale in the US in August. According to our sister video game blog site-in-crime Kotaku, the new 360 is $349 (the 20GB model's original price before the cut). [Kotaku]