Now that Sony has officially announced its PS3 price reduction, Microsoft is expected to make its next move shortly. By switching from a 90 to 65-nanometer IBM CPU and AMD/ATI graphics chip, Microsoft will be able to reduce the x360's cost, size and heat, according to Mercury News' Dean Takahashi. Codenamed Falcon, the revised X360 is expected later this fall, and could include an internal power supply, or make use of the new space to add more costly things like it did with the Elite's HDMI.

At first the arcade racing game project is called No Brakes: X Racing, but after investigations of the physics model we've modified game concept and renamed to X Motor Racing. The game includes all classes of cars from old RWD to modern sports cars, physics, and various graphical features.

Square Enix announced a diverse lineup for the E3 Media & Business Summit that contains the latest entries from its celebrated Dragon Quest, and Final Fantasy franchises, as well as Front Mission, the origin of the renowned mech strategy saga, playable for the first time in English.

2K Games announced Sid Meier's Civilization IV: Gold Edition, containing Sid Meier's Civilization IV and its first expansion set, Civilization IV: Warlords, plus bonus items such as poster, making of DVD and more ..

Midway announced its product portfolio to be shown at the E3 Business & Media Summit. This year's lineup showcases new properties such as Stranglehold, BlackSite: Area 51, proven brands such as UT 3, and Ultimate Mortal Kombat, and kid's games like Foster's Home for Imaginary Friends.

For one full week, Xfire users will have the chance to meet some of today's leading names in music through a series of live online chats including Megadeth, 311, Less than Jake, Mindless Self Indulgence and more.

Today Nintendo added yet another 3 classic games to the Wii's Shop Channel. Wii owners with a high-speed Internet access can redeem Wii Points to download the following titles: Mach Rider, Yoshi, Air "Zonk".

Are you ready to careen around the world-famous Indianapolis Motor Speedway in a hand-built 1960s speed machine that hits speeds of nearly 180 mph, yet rides only 7 inches off the ground? Can you survive a moving minefield of crashes, spinning cars, rolling tires, oil slicks and 32 rivals competing for the perfect racing line?

MX vs ATV Untamed features bigger, more populated outdoor open-world environments, an X-cross career mode showcasing all eight vehicles and the all-new EnduroCross mode pitting gamers against logs, rocks, mud-pits and more, and illustrating the full potential of the franchise's Rhythm Racing physics engine.

War Leaders: Clash of Nations will expand upon the RTS genre by placing gamers in the roles of the major leaders of WWII, including Roosevelt, Churchill and Stalin. Political, diplomatic and economic decision making will be key to success, while sound tactical strategies will ensure victory on the battlefield.

SCEA announced that it will release an 80GB PS3 model in August for a suggested retail price of $599/$659 CND, including a copy of its online-enabled racing game MotorStorm. Effective immediately, Sony is dropping the price of the current 60GB PS3 model by $100 in North America, to $499/$549 CND. Sony Europe is expected to make a price announcement at E3.

Mayhem Intergalactic is a streamlined arcade strategy game of interstellar conquest. Assemble gigantic fleets of warships, then take on rival empires in an epic struggle for control of the universe!

Final Fantasy Tactics: The War Of The Lions is an epic combat adventure set in the Final Fantasy universe. Re-enter the world of Ivalice and experience a land of imaginative artistic design that provides a sumptuous backdrop to a politically charged tale, where two young men endeavor to reshape the course of history.

Vienna based developer Bplus announce that it is the first to offer original game titles for the new Wii download service with Plattchen: Twist ’n’ Paint, an innovative puzzle shooter game Plattchen: Twist 'n' Paint, specifically designed for Wii and its innovative new controller.

TimeShift is an FPS in which players control time to complete missions and defeat foes. The game will leverage the latest graphics technology to create a unique action game experience. Back when it was in the hands of Atari, some demos were released, but with the recent overhaul by Vivendi, it was revealed a new demo (featuring part of the 2nd level of the game) is scheduled for August, showing off the facelift and improvements the game underwent the past year.

Turok is an epic, story-driven first-person shooter set on a dark, mysterious planet in the near future. Players take on the role of Joseph Turok, a former Black Ops commando, now part of an elite Special Forces squad on a mission to take down a war criminal on a genetically-altered planet.

Super Smash Bros. Brawl is Nintendo's latest incarnation in the popular Super Smash Bros. series of titles featuring all new characters ranging from Kirby and Wario to Samus, and even Metal Gear Solid's Snake.

EA is working with Steven Spielberg to create several titles for the latest round of consoles, and an article dated July 16 from Newsweek's N'Gai Croal reveals more details. PQRS, working title, is a action-puzzle simulator for the Wii blending Jenga style building-blocks with Saturday-morning cartoon, a physics heavy game that lets you manipulate blocks with the Wii remote. LMNO, working title, is an X360/PS3 action title, where you're an ex-secret agent, and the bond that you forge while on the run with the computer-controlled woman (good, bad, indifferent) determines the nature of her special abilities and the ways in which she'll assist you.

Gears of War blends tactical action with survival horror titles, thrusting gamers into the harrowing story of humankind's battle for survival against the Locust Horde. It has hinted at, mentioned, denied, but now it seems leaked footage from 1UP's GameVideos (which was removed shortly thereafter) confirms what we were all hoping for, Gears of War coming to PC. The trailer, probably meant to debut at E3, shows Windows Live achievements unlocked, and even new content (Brumak boss fight).

Bethesda mentioned several times that there will most likely be no further addons for The Elder Scrolls IV: Oblivion beyond the Shivering Isles expansion, so it should come as no surprise that Take Two is combined all the content together in an Elder Scrolls IV: Oblivion Game of the Year Edition package. While not officially announced, GameStop has a product listing for the GotY Edition, tentatively scheduled for release September 2007 (thanks Robert).