Xbox 360 Elite price cut to PS3 slim fighting £199.99

The Xbox 360 Elite has had £25 lopped from its price to drop to £199.99. We predicted the move yesterday and it's a clear response to the

If you were hoping to grab an Xbox 360 Arcade, you'd better be quick, its price is in fact going up. The hard drive-less Xbox 360 Arcade will now set up back a slightly galling £160.

The price changes take effect from August 28, so if you want to save some cash go and grab an Xbox 360 Arcade right now. If you've been after a 60GB Xbox 360 Pro, you'd better hurry with that too – Microsoft's discontinuing the model all together.

So, will you stump up £250 for the new PS3 Slim with its Blu-ray smarts or swing for the newly economical Xbox 360 Elite? Review our 5 things you need to know about the PS3 Slim and let us know in the comments.