Oh Internet, you always spoil everything for everyone. In case you missed the storm of "rumors" from last week, all Xbox 360 models will drop in price this Wednesday. The Premium will now sell for $349.99, the Core will sell for $279.99, the Elite will sell for $449.99 and the Halo 3 edition of the Xbox 360 coming out in September will retail for $399.99.

The timing of the price drop is meant to coincide with the release of Madden 2008 next week, which is "one of many titles that make up the greatest holiday lineup in video game history." 

So readers, now that the system has dropped in price, are you going to go pick one up? Or are there still too many factors preventing you from purchasing the unit? 

Press release after the jump. 

Microsoft Lowers Price of Xbox 360 by $50

Price drop coincides with release of "Madden NFL 08" on Xbox 360, one of many titles that make up the greatest holiday lineup in video game history.

REDMOND, Wash. — Aug. 6, 2007 — Microsoft Corp. today kicked off the greatest holiday lineup in video game history by announcing it will reduce the estimated retail price (ERP) of Xbox 360™ by $50 ( U.S.) beginning Aug. 8. Soon to follow, Electronic Arts Inc. (EA) will release its blockbuster video game title "Madden NFL 08" on Aug. 14. "Madden NFL Football," one of the most important mass-appeal franchises in video games, was the top-selling game of 2006 and is the top-selling franchise of the past 10 years. Only Xbox 360 offers a console for all interests and budgets.

"The fact that we have been able to keep our launch price longer than any other console while retaining our leadership position demonstrates that consumers believe in the value of Xbox 360," said Mitch Koch, corporate vice president, Global Retail Sales and Marketing Group, Entertainment and Devices Division at Microsoft. "On the eve of the best holiday games lineup ever and the launch of 'Madden NFL 08,' there has never been a better time to jump into Xbox 360."

Xbox 360 will enhance the value of its entire family of consoles beginning on Aug. 8. At a new ERP of $349.99 (U.S.), Xbox 360 offers an unsurpassed experience right out of the box with a 20GB hard drive, wireless controller, Xbox 360 headset, and more. For those looking for the ultimate value and the freedom to customize their console as they see fit, Xbox 360 Core System now has an ERP of $279.99 ( U.S.). Xbox 360 Core System provides everything needed to start gaming while giving consumers the ability to add new features and accessories they want. Dressed in black and equipped with a 120GB hard drive, Xbox 360 Elite will be priced at an ERP of $449.99 ( U.S.) for those who want the premium games and entertainment experience. In anticipation of this year's largest blockbuster game launch, the Xbox 360 Halo^® 3 Special Edition Console will hit store shelves in September with an ERP of $399.99 ( U.S.). Featuring an authentic Spartan green-and-gold finish, this console will include a matching Xbox 360 Wireless Controller, Xbox 360 20GB hard drive, Xbox 360 Headset, an Xbox 360 Play and Charge Kit, and more.

In addition to being a great value, Xbox 360 is the only console on which consumers will be able to play all of this year's biggest titles: "Guitar Hero III™: Legends of Rock" (RedOctane/Activision), "Halo 3" (Bungie Studios), "Madden NFL 08" (EA) and "Rock Band" (MTV Games). Xbox 360 is also home to the most exclusive games, such as "BioShock" (2K Games), "Lost Odyssey™" (Mistwalker/Feel Plus), "Blue Dragon" (Mistwalker/Artoon Co. Ltd.), "Scene It? Lights, Camera, Action," (Screenlife), "Project Gotham Racing ^® 4" (Bizarre Creations Ltd.), "Mass Effect" (BioWare Corp.), "Naruto: Rise of a Ninja" (Ubisoft), and "Ace Combat 6: Fires of Liberation" (NAMCO BANDAI Games). With a record-setting attach rate of 6.1 games per console sold (NPD, Life-to-date, June 2007), a new price and the greatest holiday games lineup ever, Xbox 360 has proved itself as the home of the best games and entertainment at the best value.