The 2008 E3 Media & Business Summit returns to the Los Angeles Convention Center as of today (July 14-17) after last year's gathering in nearby Santa Monica. Although most of the big brands in gaming will be present, important absences include Activision Blizzard, id Software and LucasArts.

Microsoft Corp. has confirmed officially one of the more popular pre-event rumors while announcing the coming of an upgraded version of its Xbox 360 videogames console.

More sharply, Redmond-based Microsoft has suggested that it would cut a solid $50 USD off the price of its 20GB Premium (or Pro) Xbox 360 console right before or during the E3 summit. This means the 20 GB Xbox will be available at the price of $299. Sony’s cheapest model of PlayStation 3 is $399.

"We know consumers need more and more space to store the amazing digital content Xbox 360 offers, and we're giving it to them at no extra charge," said Albert Penello, Xbox director of product management at Microsoft, upon announcing the large capacity premium model, as quoted by gamepro.com.

Once the previous inventory of 20GB models has been flushed, prices will go back to the existing layout of $349 for the 60GB Premium model, $279 for the Arcade version (without hard drive), and $450 for the 80GB Elite model. The new 60GB model will be available starting in August.

Nintendo has taken on a timid approach to its latest doings, though rumors of a wide-screen DS and possible new Zelda game are running around. In the mean time, Sony has hinted at downloadable PS2 games for the PlayStation 3. Big Sony titles will include Killzone 2, LittleBigPlanet, Resistance 2, and SOCOM: Confrontations.