From Ars Technica:

Microsoft may be feeling the heat of Sony's price cut and newly redesigned hardware: today the Xbox 360 Elite becomes $250 after a $50 mail-in rebate. The sales boosts from price drops may be short lived, but it's clear Microsoft wants to squeeze every sale it can out of the bump. We also have exclusive confirmation of new bundles and wireless adapter pricing.
DAMN! Talk about getting some good media attention and positive buzz ... I will be pimping this deal when i get home on my Facebook!