Oh Microsoft, how thinly you veil your intentions. Barely a week since the PS3 Slim launch and the Xbox 360 Elite is seeing a price cut, to £199. Of course such reductions are hardly unwelcome, but nonetheless it would be ridiculous to think it doesn't make Microsoft seem just a little threatened by Sony's renewed offering.
The Xbox 360 Arcade price hike, to £159.99, is explained somewhat, too. The 60GB, Pro SKU is to be discontinued, leaving just the Arcade and Elite in the line-up - presumably the idea is to make the elite look even more appealing in comparison to its lesser companion.
The £30 drop on the Elite's MSRP puts it a not-insignificant £50 cheaper than the PS3 Slim. However, as a fair few retailers seem to be discounting the Slim by some £20 already the price difference (£30 maths-haters) will remain the same as before this reshuffle, assuming no retailers discount the Elite further.
The long and short of it: Both the Xbox 360 Elite and PlayStation 3 Slim will be available at very decent prices - go buy whichever suits you.