It’s the worst-kept secret since Sony tried to deny the existence of the PS3 Slim, however Microsoft has finally – and officially – confirmed a new price for the Xbox 360 Elite. From August 28th the 120GB hard drive-equipped unit will retail at an estimated retail price of £199.99.

That’s excellent news, isn’t it? The game is certainly back ON with the PS3 Slim too – especially since the latter launches just a few days later (September 1st) at £249.99. We’re sure the timing of this discount and the neat £50 price-gap are entirely intentional on Microsoft’s part. Fair play to ‘em!

In other Xbox news, it has also been confirmed that the Xbox 360 ‘Pro’ is to be phased out. It’s not clear how long that process will take or whether the 60GB model will be sold at a discount until stocks run out, but it might be worthwhile keeping an eye out for a bargain.

Meanwhile the no-frills Xbox 360 ‘Arcade’ is actually subject to a price increase. From the 28th onwards it’ll be retailing at £159.99, a hike of £30 or so. We haven’t quite fathomed the reason behind this slightly puzzling move yet. Maybe Microsoft is just trying to limit any financial damage it might be taking by selling the Elite so cheaply.

But, whatever – the Elite is finally the right side of the crucial £200 barrier, it isn't much more expensive than the Arcade but, crucially, is a full £50 cheaper than the PS3 Slim.

Seems like the definitive no-brainer to us…