Xbox 360 could experience price cut

With Sony having announced their PS3 Slim recently with a new price tag, Microsoft could hit back with a stinger of their own, although it will not involve any new hardware but a price cut instead. With the 60GB model being discontinued, we will most probably see the current king-of-the-hill Xbox 360 Elite drop its price, with rumors of the Xbox 360 Arcade getting some enhancements as well. Would you prefer to pick up a cheap Xbox 360 Elite or the PS3 Slim if you own neither?