A post on CheapAssGamer allegedly shows an ad of a "Wal-Mart" flyer -- although you really can't tell what it is -- indicating an Xbox 360 with a $349 price tag. The resolution in the image is complete garbage and it's very difficult to tell if this has anything to do with the supposed Aug. 8 price drop. An even larger and worse image can be found after the break. Although we are working to nail this date and the $50 reduction down, there really hasn't been a solid piece of evidence we've seen yet.
In another thread done by the same CAG poster who exposed the Circuit City PS3 price cut, the Xbox 360 price drop doesn't appear in either the Target or Circuit City flyers for that week. Best Buy's flyer will be uploaded Monday. Just keep picking up those grains of salt as the information flows in going toward that supposed Aug. 8 date.
Update: Apparently the CC and Target info is for the week ending Aug. 10, so the info for the Sunday following Aug. 8 is still up in the air.