A circular for Target this week all but confirms an Xbox 360 price cut, right on the heels of Sony’s PS3 cut to $299.  The Xbox 360 Pro comes with a 60GB hard drive and will retail for $249 with a free additional controller, while the Xbox 360 Elite makes its way to the $299.  The Xbox 360 Elite will be the only model directly competing with the PS3 at $299, with a second SKU, the Xbox 360 Arcade, retailing for $199 without a hard drive.

The price wars have officially begun, and the easiest way to show value to the consumer is to reduce your price and market the heck out of that fact.  Will Nintendo, whose Wii console has seen stagnant sales, follow suit