It's official: The new low-end version of the Xbox 360, the Xbox 360 Arcade, has arrived with five Xbox Live Arcade games, a wireless controller, and a 512 MB memory card, all for just $279:

Play together today with Xbox 360 Arcade, including the Xbox 360 console, wireless controller, and memory unit for game saves. Get ready for fun right out of the box with five Xbox LIVE Arcade games, including PAC-MAN and UNO.

Begin playing: Xbox 360 Arcade console is everything you need to begin playing right out of the box, including Family Settings that allow parents to restrict game access for younger players. Comes with a wireless controller, five arcade games, and a memory unit.  This console includes an HDMI output, so you can experience your games in the highest definition possible, up to 1080p (HDMI cable sold separately).

Ring of Light and Xbox Guide Button: Featured on both the wireless and wired controllers, the Xbox Guide button puts you in control of your experience. In addition to bringing up the Xbox Gamer Guide and the Xbox System Guide, the Xbox Guide button lets you turn the system on and off without ever leaving the couch.

Xbox LIVE: Xbox LIVE is where games and entertainment come alive, the only unified place where you can play with anyone, anytime, anywhere. And the best just got better. Connect Xbox 360 to your broadband connection, attach a storage device (hard drive or memory unit) and get instant access to Xbox LIVE Silver. Express your digital identity through your gamertag and gamer card, talk with others using voice chat, and access Xbox LIVE Marketplace.

Xbox LIVE Marketplace: Keep your favorite games fresh with instant access to new content. Accessible to Silver and Gold members, Xbox LIVE Marketplace lets you personalize and extend your experience, on demand.

Games: Xbox 360 redefines what games look like, sound like, feel like, and play like to engage you like never before. Every Xbox 360 title supports 720p and 1080i high definition resolution or 480p standard definition resolution, in 16:9 widescreen, with anti-aliasing so you enjoy smooth, movie-like graphics and multi-channel surround sound. Vibrant characters display depth of emotion to evoke more dramatic responses, immersing you in the experience.

Digital entertainment: Amplify your music, photos, video, and TV. Watch progressive-scan DVD movies right out of the box. Rip music to the Xbox 360 hard drive and share your latest digital pictures with friends. Make the connection, and Xbox 360 instantly streams the digital media stored on your MP3 player, digital camera, Media Center PC, or any Microsoft® Windows® XP 2005 Edition-based PC.

Related: The official press release