War. Good for absolutely everything if you’re a consumer and you’re referring to a price war. I am referring to a price war.

Microsoft is rumored to be dropping Xbox 360 prices beginning August 8th, not long after Sony’s $100 PS3 price drop.

It’s unknown whether the price cuts will affect all three Xbox 360 versions, although a slew of new games including Madden NFL ‘08 and Bioshock are set to ship less than a week later and could be just the thing to push fence-sitters firmly into Microsoft territory.

Still no word on whether or not Nintendo will cut Wii prices. It’s still working on trying to keep the units in stock. Baby steps…baby steps.

Xbox spec: $50 cut in Aug [The Hollywood Reporter]