Microsoft Corp. officially announced today that it is giving consumers more gigabytes for their buck with Xbox 360 60GB. The new console comes to replace the 20GB Pro model and is offered with the same estimated retail price (ERP) of $349, but with triple the storage space. As previously mantioned Xbox 360 60GB will be available in retail stores in the U.S. and Canada starting in early August. In addition, Microsoft today dropped the price of its 20GB Xbox 360 console in the U.S. and Canada to just $299 (U.S.) (ERP) while supplies last, a savings of $50. "We know consumers need more and more space to store the amazing digital content Xbox 360 offers, and we're giving it to them at no extra charge," said Albert Penello, Xbox director of product management at Microsoft. "No one device offers the depth and breadth of entertainment that Xbox 360 can deliver, and now you'll have three times the storage to manage all that great content." Microsoft's Xbox 360 Arcade console, which comes with a 256MB memory unit and five Xbox LIVE Arcade games, will continue to sell for $279 (ERP), while the premium Xbox 360 Elite model with a 120GB hard drive will sell for $449 (ERP).