In an effort to stay abreast of the highly competitive gaming console market, Microsoft is offering a rebate on all XBox 360 Elite packages purchased from now until October 5. The rebate, done in response to Sony’s recent drop of the Playstation 3 price to $299, will drop the current $299 price tag down $50. Only a month ago, Microsoft slashed the price of the Elite package down $100 from $399. Details on how to get the rebate are available here.

Rumors abound that Nintendo might drop the price of the Wii from $249 to $199 on September 27, but as of now, they are just rumors.

Microsoft is clearly hoping that the rebate will encourage gamers to buy a 360 Elite, if they haven’t previously shelled out for the system, and will find the rebate tempting enough to choose the 360 Elite over the Playstation 3. So, assuming you don’t already own an XBox 360 Elite or a Playstation 3, which would you choose? Is the $50 limited-time price difference reason enough to go Microsoft instead of Sony?

(Source: USA Today, Kotaku)