It’s been rumored for awhile now and today it became official. Sony and Microsoft have cut the price on their respective console game systems from $199 to $179 effective immediately. OK, so $20 isn’t much to write home about, but it’s enough to big up one of the “greatest hits” titles that sell for $19.99 along with a new console.

In Sony’s case this is a temporary price drop to clear out existing inventories in preparation for a June deployment of a new PS2 that will include the Network adapter that is currently a $40 add-on for existing owners (though that does get you a game as well). The price will go back to $199 at that point. No word on if Xbox will raise it’s price back to $199 in June, but with as bad a beating as Microsoft is taking on their console I wouldn’t be surprised if they keep the price $20 cheaper to try and spur better sales.