Rumors are abuzz in the gaming world about a price-cut coming to the Xbox 360.

It all seem to have begun when, recently, a member of the HighDefDigest forums posted some scans of an apparently leaked K-mart circular to be out sometime in July. According to the scans, Xbox 360 buyers may enjoy a price-drop of $50 on the Xbox 360 Premium 20GB model. Members then flocked to that thread, some expressing joy over the price-cut while some calling it an outright fake.

This triggered news reports from various sources claiming that Microsoft is indeed planning to slash the prices of Xbox 360. According to a report by HollywoodReporter, industry sources believe that the price will be dropped to $299, a price drop of $50 (Heh, that K-Mart circular said the same). The price drop is expected to come around  15th of July,  just before E3.

Then comes along this report on Ars that says that not only is a price drop expected but Microsoft is also readying a new 60GB model, which was rumored a while back. It all makes sense now, doesn’t it ? The price cut would shelf out the 20GB models, making way for the bigger 60GB one. This would apparently give Microsoft enough advantage to compete with the PS3s and the Wiis. Or would it ?

Will the price drop make you buy the Xbox ?

A new study from Experian Consumer Research showed that the PS3 is most popular with consumers over the age of 45.

The report also showed that Xbox 360 covered the 35-44 year old demographic, and the Nintendo Wii taking the 18-24 age range.

(What about, 25-34 years? Are they forbidden from playing video games? Or maybe they play all the three.)

Xbox 360 and PlayStation 3 owners/players are more likely to say they cannot live without magazines and video game consoles, and less likely to say they cannot live without television and computers than the average new media respondent.  They differ somewhat in their necessity for books, radio and newspapers.

Respondents who play or own the video game consoles depicted are predictably younger skewing than the population of respondents who have been online for 1+ hours per week (new media respondents).  The Nintendo Wii console appears to appeal more to the 18-24 demographic, while the Xbox 360 appeals more to the 35-44 demographic and the PlayStation 3 appeals more to those over 44.

Get ready to steal a car, drive through hordes of dumb civilians, carry more guns than Neo in “The Matrix” and lure more girls than Larry, GTA 4 is coming to town. This religion of a game has finally been announced for the 29th of April and from the looks of its many previews, this is going to be one awesome game. Check out the preview here.

The GTA series is one of the biggest selling franchises of all time, its not a game anymore it’s a sub-culture like Satanism and Anorexia Nervosa. This is the fourth game in the series and was delayed from a October release last year, leading to a virtual riot of dedicated GTA fans and closet perverts. The PS3 is believed to be one of the main reasons for the delay, this lead to major fan-boy criticism. Well the hard part is over, we have a date and before you know it, you will be car-jacking for your first GTA 4 mission. In the meanwhile watch the trailers.