Microsoft officially presented its new Xbox 360 console at E3. The console is referred to as "The New Xbox 360", it features a slimmer design, has built-in WiFi 802.11n and offers a 250GB HDD. If you live in the US you'll be able to buy the new Xbox 360 console later this week for $299.99, while Europeans will have to wait until July 16.

Additionally, the price of the old Xbox 360 Elite will drop $50 to $249, while the Arcade receives a similar price cut to $149.

Microsoft also surprised the world with a new Xbox 360 console designed for the future. Back in black, the new Xbox 360 is sleek, silent and sexy. Connect in seconds to the always- expanding world of Xbox LIVE through built-in Wi-Fi N and store twice as many games and entertainment on a 250GB hard drive.

The newly designed console is whisper-quiet, so the silent tension of a game or movie is never broken. The new Xbox 360 system also comes with everything you need to get started, including an Xbox 360 wireless controller, Xbox 360 headset, HDMI input, USB flash drive storage capabilities and more, and a one-year limited warranty on the console, available this week and priced at $299.99 ERP.

Oh and still no blu-ray support ..