Nobody likes a mail-in rebate, but if you're the patient type who doesn't mind waiting to get your cash back on your purchase, Microsoft will send you $50 if you buy the Xbox 360 Elite between now and October 5 (this is for U.S. customers only).
While you'll have to fill out all the requisite paperwork to get the discount, that mail-in rebate drops the price of the Elite--which only a short time ago cost $400--down to $250. Details of the rebate are here.
As other blogs have pointed out, that $50 might come in handy to buy an HDMI cable, Wi-Fi adapter, or a game. All we can say is, thank you, Sony, for dropping the price of the PS3 to $299. There's nothing like a good price war to keep things interesting in the game-console space.