You've waited and wondered and now the official pricing strategy for the 360 has been revealed. Here's the scoop from GameSpot:

Microsoft announced that the Xbox 360 will be released in two SKUs, the "Xbox 360 Core System" and the "Xbox 360." The two products will be sold at $299 and $399, respectively. The two systems break down as follows:

Xbox 360 Core System - $299 (299 Euros, 209 GBP)
*Xbox 360 console
*Wired controller
*Detachable faceplate
*Xbox Live Silver membership
*Standard AV cables

Xbox 360 - $399 (399 Euros, 279 GBP)
*Xbox 360 console
*20GB detachable hard drive
*Wireless controller
*Wireless Xbox Live headset
*High-definition AV cables
*Ethernet cable
*Xbox 360 Media Remote Control (limited time)
*Detachable faceplate
*Xbox Live Silver membership

Check out the full article on the GameSpot site.