This source says that the new Xbox will be with us in October of this year, and that the retail price will be perhaps about $249-$299. Some have suggested that the price may be as high as $400, but now the lower price seems more likely. It also seems likely that something in the order of 3 million units of the new console will ship in the fourth quarter of this year, with the current version of the device still shipping to cater to the lower end of the market.
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