What's better than a $299 price tag on your new Xbox 360 with a 120gb hard drive? How about getting it for $249 after rebate? Yes, from now until October 5th, if you buy an Xbox 360 Elite ($299 model) Microsoft will give you $50 back.

Beginning today through Oct. 5, when you purchase an Xbox 360 Elite for $299, Xbox 360 will put $50 back into your pocket with a limited-time rebate. Coupled with the recent price drop of the Xbox 360 Elite console, this offer makes your premium games and entertainment experience more affordable than ever. Xbox 360 Elite puts all your entertainment in one place so you can play games, watch movies and TV shows, listen to music, and, coming this fall, keep up with your Twitter and Facebook social circles, all from your living room. Additionally, with a Netflix unlimited membership and an Xbox LIVE Gold Membership you can instantly watch movies and TV episodes streamed from Netflix, recommend your favorite shows and share in a movie party night with up to 7 friends — all on Xbox LIVE.

And, as announced earlier this year, the Xbox 360 you buy today will work with “Project Natal” and controller-free gaming in the future.

You may be eligible for the $50 Mail-in rebate when you purchase an Xbox 360 Elite in the U.S. between Sept. 22 and Oct. 5. Visit www.xbox.com/eliterebate/ for more details and rebate requirements.