EDGE confirms long-standing rumors of a US price cut for the Xbox 360, and none too soon:

Microsoft on Wednesday confirmed rumors of an early September Xbox 360 price cut in the U.S. The new prices take effect September 5.

The baseline Xbox 360 will drop from $279 to $199; Xbox 360 Pro 60GB will drop from $349 to $299; and the 120GB Xbox 360 Elite will drop from $449 to $399.

By comparison, the de facto standard 80GB PS3 retails in the U.S. for $399, while the Wii sells for $249.

With the Xbox 360 dropping below the $200 mark, it's closer to what industry watchers consider a mass market-accessible price.

Sony CEO Sir Howard Stringer recently said that PS3 would not be getting a price cut before the holidays. Meanwhile, Nintendo Wiis have been flying off shelves at the current price point.