Nintendo has finally confirmed what has long been rumored: the Nintendo Wii will drop in price to $149.99 on May 15, and the new package will allow gamers to choose between a black or white system that comes with Mario Kart Wii and a matching colored Wii Wheel accessory.

"From the day it launched, Wii has let players of all ages and experience levels have fun with one another," said Nintendo of America President Reggie Fils-Aime. "The new suggested retail pricing for both the hardware and select games will help create more of these magical moments for even greater numbers of people."

Nintendo is also dropping the price of a number of games, creating a budget line of $20 games, called Nintendo Selects. "The four must-own games in this collection are The Legend of Zelda: Twilight Princess, Animal Crossing: City Folk, Mario Super Sluggers and Wii Sports, which is available for the first time as a separate software purchase," Nintendo explained. "Parents and video game fans can now easily expand their library of fun, family-friendly Wii games."

With a new system set to be unveiled no later than this year's E3, Nintendo is in a good position to drop the price on the profitable Wii in order to give the system one last grand push at retail. $150, with some great $20 games, certainly makes this a solid value.