Straight from Major Nelson comes confirmation of another of the worst kept secrets ever. The Xbox 360 will receive a price drop in the U.S. starting September 5th.
Xbox 360 Arcade $199
Xbox 360 $299
Xbox 360 Elite $399
As you can see the Arcade SKU is now cheaper than the Wii, and the Elite now costs the amount that I payed for my Pro console at launch.