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Popular News Mega-Site CNN has up a commenentary from CNN/Money writer Chris Morris.  In the report he says "Microsoft's Xbox may be on the verge of a substantial price cut, falling from $179 to $99 by Labor Day, according to P.J. McNealy, an analyst with American Technology Research."   McNealy goes on to say, "It is our belief that the price on the consoles in North America could see a stepped drop this year, with both the PS2 and Xbox being cut to $129 between now and the May E3 trade show, with [Microsoft] then cutting the Xbox further to $99 in the late summer.."

With this news it seems inevitable a price break is almost upon, but what does this mean for PS2 prices?  Logic says we should see similar drops.  So what does this mean for gamers?  It means that Microsoft is adamant about gaining a much larger share of the console market and to go into the next generation with a huge following.  Anyway you look at it for gamers this is a good thing.  So if you've been waiting for a price drop to get in on Microsoft's fine piece of hardware, the wait is almost over.

Also in the article it mentions a possible 2005 release for the Xbox 2.  It's a good read and can be found on CNN/Money right here.