So the rumor is now out there that the Xbox 360 will drop the Premium (white box) to $299 for the release of Grand Theft Auto 4.  If you've been paying attention you'll know almost all rumors in gaming are true.  This one makes a lot of sense considering a Spring (GTA 4 is due in April)  price drop would be in line with other price drops.

I would really think Microsoft would wait for E3 to announce a price cut for the Xbox 360.  I think a $49 price drop probably sounds right but I'd hope it was more like $75 bringing the Elite below the PS3 and the Premium closer to the price of the Wii.  We will see a PS3 and Wii price cut this year with the PS3 probably dropping to $349 and the Wii to $199.  A $279 Premium and a $379 Elite would do a lot better at these prices.

http://www.thebitbag.com/2008/01/21/rumors-microsoft-dropping-360-premium-to-299-for-gtaiv-launch/