Will we see something similar in Australia is the burning question, however. According to GamesIndustry.biz, the rumoured price drop for Xbox 360 in Europe has gone ahead with Microsoft trimming EUR 80 (AU$130) off the SRP of the Arcade console, while the Premium pack has dropped from EUR 339 to EUR 299 (that's a price drop of around AU$65).

According to the site, while not officially announced by Microsoft themselves, the German Financial times leaked the news. It was rumoured last week though, that this price drop would happen in time for the Easter shopping period; one of the main goals being for Microsoft to have at least one version of the Xbox 360 costing less than Nintendo's Wii. No mention of the Elite bundle was made.

We'll keep you posted if it's looking likely this price drop will come into affect here in Australia.

Update: Microsoft's Euro branch has officially said the price-cut is the real deal, beginning from March 14. Naturally we contacted our man in the know here at Microsoft in Australia, however, the news was still pretty stale: "The price drop is for Europe only. We have no announcements to make at this time around a price drop for the Xbox 360 console in this market." There's still time, but at this stage it's looking less and less likely we'll see any kind of console price-drop love.