Interesting timing. I thought they'd do it before GTA IV, and when it didn't happen I assumed they were holding off until the holidays. The timing here probably means they'll do another holiday bundle rather than a second round of cuts.
And Microsoft said last year, when Sony cut the PS3 price at E3, that it doesn't make sense to cut in the middle of the summer like that, unless you're forced to.
Mmmm.
Also curious how the other SKUs get cut. A $50 accross the board would be nice, but I doubt that's coming. Dropping the price on the $100 and $180 HDD would be nice too. And also, a pony.