Of course, the pricing wars have become increasingly dramatic in recent days. Each gaming system trying to outdo the others by having systems below certain price points.

The Nintendo continues to lead the pack with its $249 price point. And PS3 is coming out with a $299 model.

Where does that leave the Xbox 360?

Looks like the Xbox 360 is going to drop its prices on all three models. The 120GB Elite will drop to $399 from $449. The 60GB Pro model drops to $299 from $349. Finally, the Xbox Arcade falls to $199 from $279. The Xbox Arcade represents the largest drop in price.

Hopefully, these rumors will prove true. If they do, that's great for fans of all the major platforms because prices should continue to fall for all of them. Look to get your Xbox 360 for cheap.