For months, there has been speculation, rumor, and innuendo that Microsoft was looking to drop the price on the Xbox 360 in order to regain the top-spot in the console wars. And, hot on the heels of Sony's pricing shuffle, word is being leaked yet again today about a possible 360 price drop. The Hollywood Reporter is citing an unnamed retail spokesman who has said that the 360 will come down $50 on August 8th. The timing is believed to coincide not only with what is generally seen as a downtime for game manufacturers, but also comes just weeks before the release of Halo 3. What will you do with your savings? It's been no secret that Microsoft has been hit with some bad financial news recently. The fact is that the 360 has been a perennial money pit for them. I can only guess that their hope is to sell a ton of systems before and during the holiday season, and hope that their games catalog will be enough to right the ship. Stay tuned. Source