It had to happen. Microsoft has announced that from September 22, they'll be cutting the price of the Elite console to $449, shaving $100 off the RRP. On top of that, people who pick up the new Elite between September 22 and October 20 will get a free copy of Halo 3: ODST.
Meanwhile, the Arcade version remains at $299 and the Pro version will remain at $399 "while stocks last".
It looks like Sony's run as "not the most expensive console" was pretty short, huh?