Going by the most recent reports from Joystiq, the rumors about a supposed cut in the price of Microsoft's Xbox 360 Elite gaming console - with 120GB hard drive - can be somewhat substantiated by the fact that a leaked Wal-Mart advertisement suggests that Microsoft intends slashing the cost of the Elite by $100!

Similar evidence about the intended cut in Xbox 360 Elite price comes from Engadget, which shows a snapshot from a to-be-released Wal-Mart catalogue having listed the cost of the Elite as $299, which is $100 less than the current cost of $399.

However, there is no news with regard to whether the supposed cut will affect Microsoft's other two lower-priced Xbox models also, which include the Xbox 360, currently priced at $299 and having a 60GB hard drive; and the Xbox 360 Arcade, costing $199, sans a hard drive.

Though there is no official confirmation of the price-cut, the analogous reports from Joystiq and Engadget more than corroborate the rumors.

It is being assumed, and quite rightly so from the business perspective, that the Microsoft price-cut move probably comes in response to Sony's last week announcement of trimming the cost of its PlayStation 3 Slim 120GB game console by $100 - that, in other words, amounts to saying that the Elite now happens to be the priciest console in the market.