I've just read this on Engadget. It looks like Woolworths may be cutting the prices of the 360 range, just like the did with the Wii not too long ago.
We received the image above from a supposed Woolworth's employee who scanned an upcoming retail catalog for our sicko pleasures. We can't verify the claim, but we understand that Woolies is in the midst of an escalating, retail price war in the UK gaming space. As such, what we're likely looking at are promotional cuts from the normal, £160, £200, £260 prices for the Arcade, Premium, and Xbox 360 Elite consoles, respectively. Then again, the across the board price cuts in the US seem to have really paid off so who knows.