In response to the release of Sony's $299 PlayStation 3 Slim, Microsoft has announced it will drop the price of its Xbox 360 Elite from $399 to $299.

Presidential candidate Barack Obama takes his campaign to the Xbox 360. (via Metafilter)

Microsoft has announced it will cut the price of its Xbox 360 video game consoles starting Friday.

Check out a trailer and screenshots for the forthcoming video game Bionic Commando for the PlayStation 3 and Xbox 360.

Video game consoles like the PlayStation 3 and Xbox 360 use more electricity than refrigerators, even when placed on "stand by," according to an Australian consumer agency. Experts recommend turning off or unplugging the PS3, which reportedly guzzles five times more electricity than a fridge over the course of a year. (via Gizmodo)

Microsoft has announced it will join the Companions in Courage Foundation to install Xbox 360 video game kiosks in children's hospitals across the U.S.

Despite a sluggish U.S. economy, video game sales are thriving, increasing by 57 percent in the last year. Popular video game Call of Duty 4: Modern Warfare for the Xbox 360 and PS3 has sold over nine million copies worldwide.

Microsoft has announced a new Xbox 360 timer that will allow parents to set daily or weekly limits on how long the video game console can be used. It will be available for download in early December.

Over 50 screen shots of the newly released Halo 3 video game for the Xbox 360.