by Jeff McKinney (follow me on Twitter)

Sony recently announced that it will release a slimmed-down version of the PlayStation 3 video-game console. The PS3 Slim, set for release Sept. 1, is smaller than its predecessor, has a 120GB hard drive and will cost $300, which is half of what the high-end version cost when it was released in 2006.

Now it seem that Microsoft is eager to get in on the price-dropping action and will lower the price of it’s Xbox 360. According to an ad from Best Buy, the white 60GB Xbox 360 Pro is dropping to $250 and the black 120GB Xbox 360 Elite will start selling for $300. These new prices, $50 and $100 less (respectively), are rumored to kick in next week, the same week as the PS3.

Stay tuned for more gaming deals, rumors and news.

Also this week, check out my new full review of the latest Madden NFL game, Madden 10, on TimetoPlayMag.com. You can read the review by clicking here.