Xbox 360 Premium price reduced to $299.99 in US, Canada

Over the bast couple weeks, rather convincing scans from some popular retail circulars such as K-Mart and Circuit City were posted on the web suggesting an impending Xbox 360 price drop. Microsoft initially refused to confirm or deny these rumors. Many thought Microsoft would wait until its E3 press conference to tell the world the good news.

Instead, the hype machine has moved in its favor and Microsoft finally confirmed via press release what everyone suspected. (Sort of.)

The Premium Xbox 360 console will receive a price drop. As of yesterday (July 12, 2008) the Premium bundle sold for $349 but, beginning today…