We’ve heard rumors about it for some time now, but the fabled Xbox 360 cuts have officially been made official today over at Major Nelson’s, official, blog.

The price cuts will go into effect on Friday, the 5th, and will go something like this:

Xbox 360 Arcade $199
Xbox 360 $299
Xbox 360 Elite $399

Yep, you read that right. Come September 5th, the Xbox 360 Arcade edition will cost less than a Nintendo Wii, currently priced at $250. Then again, who wants the Arcade edition?

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Tags: arcade, elite, Hardware, price cut, pro, xbox 360