Yes, you’re not dreaming the 360 is now cheaper than the Wii.  This is the first time that one of the 3 current gen consoles dipped below the $200 mark. These price cuts take effect today in the U.S. and have been implemented in Japan a few weeks back. It’s a great move on Microsoft’s part especially since were already in the “-ber” months, and Christmas season is usually when the games industry rakes in the big bucks. Price cuts are as follows:

Xbox 360 Arcade (no hard drive) -> $199 from $279

Xbox 360 Pro (60gb hard drive) -> $299 from $349

Xbox 360 Elite (120gb hard drive) -> $399 from $449

*current price of Sony PS3 40gb is $399 while the Nintendo Wii is %250*

Current Xbox 360 prices in Singapore are as follows: Arcade $399 Pro $490 Elite $699

Another list that will boost Xbox 360 sales even further is their upcoming holiday lineup:

Left 4 Dead – Nov 4th
Viva Pinata: Trouble in Pardise: TBA 
Banjo Kazooie: Nuts and Bolts: Nov 2008
Gears of War 2: Nov 7th
Infinite Undiscovery: Sept 2nd
Fable 2: Oct 2008

Even for a PS3 fanboy such as myself, this offer seems too good to resist. And speaking about Sony, they’ve also made an announcement, “no price cuts planned, only better marketing.” :(