Existing Xbox Units to be Discounted

Retailers are preparing to drop the price on existing 360 units to make way for the new Xbox 360 Slim that was announced today. The Elite's price will be cut from $299 to $249, and the Arcade is dropping from $199 to $149. The new Xbox units will retail for $299, but feature a larger 250 GB hard drive and integrated wi-fi capabilities. Still, it's a good deal for bargain conscious gamers.

Check out our video, specs, and interview with the director of console marketing for more on the Xbox 360 S.