A forum user High-Def Digest just posted a scan from next week's K-Mart weekly circular ad showing a price drop of $50 on the Xbox 360 Premium. The $299 price still includes a 20GB hard drive, and the timing of this supposed price drop matches up with whatever announcements Microsoft is going to have at E3-some of which which are rumored to either be a price drop or a newer version with slightly bigger storage. Kotaku points out that there's no price drop for either of the other two models, but with the Arcade sitting at $279, it seems more than likely that Microsoft will lower that as well. [High Def Digest via NeoGAF via Kotaku]
Sony and Microsoft don't need you to defend them...they're big boys with big legal departments ready to defend against slanderous and libelous claims.
Enjoy the fact that we get price cuts at all, if we had only one graphics heavy console, I doubt we'd have a $400 PS3 or $300 360.