The move made almost mandatory by the recent announcement of the PS3 Slim as well as a $100 price cut by Sony made this an expected move.  On Thursday, Microsoft announced that the price of the Xbox 360 Elite will be dropped by $100 to $299.  Yes, that’s the high-end model with a 120GB hard drive, There might be some bad news, however.  The 60GB model will be reduced by $50 to $249.  But that’s good news, right?   Microsoft’s press release, however, notes “while supplies last.”