Taken from IGN:
New pricing of its range will be:
Kinect Sensor, $149 (save $50)
4GB Xbox 360, $199 (save $50)
4GB Xbox 360 with Kinect, $299 (save $100)
250GB Xbox 360 $299 (Save $150)
Limited edition consoles $399 (save $50)
http://au.ign.com/articles/2012/10/03/microsoft-cuts-xbox-pr…
Pretty massive price drop. I don't need a new Xbox but if anyone was on the fence about it, now would be the time to get one.
Those are the sort of drops you see right before announcing the replacement. I could be wrong though.
I'd also be worried about MS's reputation on immediately dropping support for old products (xbox1 was dropped like a rock, ps2 got new games for years and is still being made).
Having said that, if you get your value out of existing (now) cheap games, it's a good option.