The Hollywood Reporter, er, reports that Microsoft will cut the price of the Xbox 360 by $50 in early August. THR says their source believes the price cut is because August is traditionally one of the slowest times of the year. That may be true, but our magical source from the nether dimension says it's probably got just as much to do with the megaton called Halo 3 dropping in Sept. 25.
The report really has no new information to bring to the "When's Microsoft finally going to drop the price?" game. The best they've got is an unnamed source. Please, if we trotted out every tip we've gotten on an Xbox 360 price drop we could probably do a Best in Show presentation based on grammar, probability of validity, and firmness in belief. Is the price drop rumor true? Well, we think it's got to happen sometime soon ... right?