Is Microsoft slashing Xbox 360 Elite price to US$299?

Treat this right now as very likely, but still a rumor--a photo of a catalog page posted to Kotaku shows the 120GB hard drive-and-HDMI Xbox 360 Elite going for US$299. The Meijer catalog (a Midwest store chain) in question is slated for August 30, which would mean a nice holiday surprise for future Xbox 360 buyers.
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French vendor claims PS3 Slim real; cheaper, too

With rumors that Sony may announce a new PlayStation at the Gamescom expo in Cologne, Germany, on August 18, Europe has been the most fruitful source of PS3 Slim rumors. The latest: In an interview with French gaming site JVN.com, an anonymous French retailer is claiming that the PS3 Slim is real and will cost 100 euros (US$140) less than the current PS3. The retailer says he's heard the new system will arrive in stores next month, but no firm date has been given.
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Rumor: PS3 Slim to be manufactured in July?

We had a feeling we'd soon be hearing more on the rumored PS3 Slim, and sure enough, some enticing tidbits have hit the blogosphere. On Tuesday, several sites picked up on a report by Chinese-language site Economic Daily News (UDN.com) that Sony has signed manufacturing agreements with two Taiwanese-based companies, Foxconn and Pegatron, to build the new, slimmed-down version of the PS3 in July.

We've looked at a rather poorly translated version of the story and it's very hard to tell from what we read what the exact details are, but both Joystiq Japan and Engadget China have apparently provided their sister sites in the U.S. with a better translation (they do note that the information is based on anonymous sources, so take this all as rumor, not fact).
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Latest PS3 and Xbox 360 price cut rumors

Ars Technica's "favorite inside source" is at it again, telling the Web site that Sony is clearing inventory on the US$399 80GB PS3 in advance of "dropping the price of hardware and launching the PS3 Slim rumor in the fall."
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Rumor: PS3 price cut imminent?

Another week, another rumor that a PS3 price cut is right around the corner. This time the fuel comes from Janco Partners' Mike Hickey, who, according to the site gamesindustry.biz, said in his latest note to investors that Sony needs to chop US$100 off the 80GB PS3's price to "restart unit velocity at retail" and that "recent channel checks indicate increased speculation for a PS3 price cut announcement from Sony in the next couple of days".

To cap things off, Hickey added more brutal commentary:
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