Yes, we know, Microsoft only just cut the price of the Xbox 360 Elite by $US100. But Microsoft aren't the only ones with a vested interest in the success of the console. Netflix do too. Hence this further discount.
The online rental service are sponsoring a promotion on Xbox.com where, for a limited time (until October 5), anyone buying an Elite can send in a rebate form and get a further $US50 off the price of an Elite. Giving them, in effect, a $US150 price cut.
Kotaku AU Note: This Netflix promotion is not available in Australia because Netflix itself is not available in Australia.
$US50 Mail-In Rebate [Xbox]