The neogaf forum has the dirt on the price-cut for the 360. According to an advertisement scanned in and posted, ALL Xbox 360s are getting their prices slashed, from the Elite to the Core. The Core is dropping by $20. The middle level system drops by $30, and the Elite gets a 50-dollar drop in price. Plus, apparently, a free Table Tennis game!
This puts the Core system in the Wii range of only $279. Not a bad deal at all... unless, of course, you happened to have bought a 360 in the last week or so. Heh heh.
This one feels pretty true, although it has not been confirmed, so a note of caution should be sounded.