Microsoft is poised to bring serious challenge to the upcoming PS3 slim console with the Xbox Elite 120 GB console getting a substantial price cut and to become available at a sweet price of $299 in as early as August 30. With new Elite model the Xbox Pro console will be terminated and only Arcade and Elite versions will be available in the market.
On the other hand Sony is expected to launch the PS3 slim at the GamesCom most probably with a price cut. Anyway if you are looking to buy either console its just not the right time.
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