The Xbox 360 has dropped it's price today to keep up with the console war.
the new pricings are as follows and I'm unsure whether the pricings are applicable to the UK yet but they will be shortly hopefully.
Xbox 360 Arcade: 199.99 USD or equivalent to roughly £114.79
Xbox 360 60GB: 349.99 USD or equivalent to roughly £198.27 *sigh* not much change there then or
Xbox Elite: 449.99 USD or equivalent to roughly £258.27
Personally I think the Arcade deal is a bargain and you can find a 20GB HDD for about £30 so it still works out a lot cheaper than buying the original 20GB xbox 360