Microsoft have confirmed in a press release that they have cut the price of the 20GB by $50 to bring down the price from $349 to $299 effective as of right now. They have also confirmed that as of August, a new 60GB SKU will go on sale to replace the 20GB SKU with the 60GB SKU going on sale for $349.
So, what will Microsoft say about the said price drop? We'll find out at their E3 Press Confernece about 14 hours and 40 minutes from now as we kick off our E3 coverage from 4pm today with a liveblog of everything happening at the conference from 6:30pm.
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