The Xbox 360 may not even be in the shops yet, but a Microsoft bigwig is already suggesting that we can expect to see price cuts for the shiny new console.

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"We will wind up cost-reducing the product every year," Todd Holmdahl, corporate vice president of the Xbox product group, told Reuters. It's estimated that the 360 costs approximately $100 less per unit to manufacture than Sony's PS3, giving Microsoft more scope for reducing costs.