European 360 price drop is the real deal

European fanboys rejoice! The rumors have come to fruition and the whole gamut of Xbox 360s is getting a price cut in Europe. Yes, wallets will be fatter and gamers will be happier, and maybe, just maybe, projections of PS3 dominance will falter. Without further ado, the price cuts -- which will go into effect this Friday -- per Major Nelson:

• Xbox 360 Arcade – was €269.99 / £199.99 ($414) now €199.99 / £159.99 ($307)
• Xbox 360 Pro - was: €349.99 / £249.99 ($536) now: €269.99 / £199.99 ($414)
• Xbox 360 Elite - was: €449.99 / £299.99 ($691) now: €369.99 / £259.99 ($566)

So, it's almost a complete shift for every version of the Xbox 360, with the Pro costing what the Arcade used to cost and the Elite sitting only €20 / £10 higher than the old Pro cost. All it all, it's a pretty hefty cut (at least to these American eyes). What say you, Euro-fanboys? Is this price cut enough to energize 360 sales?