With E3 on the horizon, Microsoft slashes 250GB Xbox 360 Kinect bundle to $299 UPDATE: Target says "our bad"

Microsoft is making really hard for consumers not to pick up its latest console. With a $299 Xbox 360 and Kinect bundle, will the PlayStation 3 stand a chance?

With E3 approaching, console manufacturers are really trying their hardest to make their consoles the most compelling offer for consumers. Right on the heels of the newest PS3 bundle, Microsoft, too, seems intent on offering gamers a convincing bargain of its own.

According to Target's online store, the 250 GB Xbox 360 with Kinect bundle is getting a $100 price cut to $299. The cut, however, does seem a bit premature, as the savings do not carry over when customers actually attempt to buy the console, making it possible that the cut is actually an error.

It's also unknown whether the savings will carry over to other versions of the console. Would Microsoft be so bold as to drop the 4GB version of the 360 to $150?

With the price cut, the 250 GB bundle is priced competitively with the PlayStation 3 Call of Duty: Black Ops Bundle, which Sony announced last week. With E3 less than a week away, things are already looking pretty busy.

UPDATE: Looks like the price cut was actually a typo, though something of a pretty significant one. Target has released the following statement:

"Target recently became aware of the mispriced Xbox 360 250GB Kinect Bundle shown on Target.com's main video game page. The page will be updated shortly to reflect the correct price. We sincerely regret this inconvenience."

Typo or not, a price cut like that doesn't come out of nowhere. It's likely Microsoft will make an official announcement next week. So we'll just have to sit tight for now.

[Via GamesBeat]