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Microsoft announced this morning that the Xbox 360 Elite price drop that has recently been rumored is now official. New Elite models will exclude the HDMI cable from the bundle (as evidenced by various retailer advertisements), but a composite cable will still come packed in. The Elite will now cost just $299.99 USD, while the Xbox 360 Pro model will be phased out of production. The Xbox 360 Arcade version will maintain its current price of $199.99.
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