While we’re not the biggest fans of mail-in rebates, here’s a deal that’s worth looking into for early holiday shoppers.

Microsoft is offering a $50 rebate on sales of its Xbox 360 Elite. The rebate brings the price down from the usual $299 to $250; just one month ago, this Xbox was going for $400. The offer is only good on purchases made from September 22 through Monday, October 5, so act quickly if there’s an Xbox on your wish list.

In August, Microsoft and Sony slashed the prices of their Xbox 360 Elite and Playstation 3 consoles, respectively, from $400 to $300. Now, rumors abound that Nintendo will cut the price of its top-selling Wii console from $250 to $200 this weekend. —Nick K. Mandle

[Update: It's official. Nintendo is dropping the price of the Wii to $200.]