Several news outlets are citing various sources saying Microsoft plans to release the Xbox 360 Elite, a high-end limited edition console that would retail for $479 USD and include an HDMI connector, IPTV capabilities, and a 120GB hard drive.

The motherboard of the new Xbox 360 would also be redesigned to take advantage of new 65-nanometer technologies, which would also bring down the manufacturing costs of the console. This could open up the door for a price cut before the holidays, and put pressure on rivals Nintendo and Sony.

Source:→ Betanews