Microsoft Corp. is giving consumers more gigabytes for their buck. The company today announced an Xbox 360 console with triple the storage space of the original console, but for the same price of $349 estimated retail price.

Available in retail stores in the U.S. and Canada starting in early August, the upgraded Xbox 360 will include a 60GB hard drive for storing the growing wealth of digital entertainment available for the console, including music, movies, television shows and game content. In addition, Microsoft today dropped the price of its 20GB Xbox 360 console in the U.S. and Canada to just $299 while supplies last, a savings of $50.

Xbox 360 is just one of three Xbox 360 gaming and entertainment systems Microsoft offers. Microsoft’s Xbox 360 Arcade, which comes with a 256MB memory unit and five Xbox LIVE Arcade games, is a value for the whole family for $279, and the premium Xbox 360 Elite console is available with a 120GB hard drive for $449.

Out of the box, the Xbox 360 console is ready to provide an incredible gaming and entertainment experience:

Xbox 360 console. The console is equipped with a cool white finish and three powerful core processors capable of producing the best in high definition  entertainment, 16:9 cinematic aspect ratio, anti-aliasing for smooth textures, full surround sound, and high-definition multimedia interface output.

60 GB Hard Drive. The 60GB detachable hard drive allows gamers to save their games and store television shows, movies, music, pictures, trailers, levels, demos and other content available from Xbox LIVE Marketplace, the premier one-stop digital download center for entertainment.

Upscaling DVD Player. With an HDMI cable, watch your favorite DVDs in near high-definition using the upscaling capabilities of Xbox 360.

Xbox 360 Wireless Controller. This award-winning, high-performance wireless controller features the Xbox Guide Button for quick, in-game access to friends and music. It has a range of up to 30 feet and a battery life of up to 30 hours on two AA batteries.

Xbox 360 Headset. The headset lets friends and family around the world chat while playing games, watching movies, or sending voice messages on Xbox LIVE.

Xbox LIVE Silver Membership. For no additional cost, Xbox 360 owners can chat with friends online, collect Achievements to improve their Gamerscores, send and receive voice and text messages, and access Xbox LIVE Marketplace content such as game demos, and purchase or rent HD movies and TV shows, as well as the best in downloadable games from Xbox LIVE Arcade.

One-month subscription to Xbox LIVE Gold. An Xbox LIVE Gold Membership provides a complete online entertainment experience. Those who subscribe to this premium service can engage in competitive online multiplayer matches, tailor their matchmaking via feedback and accomplishments, and chat with an entire group of friends at a time.

Lalit /ITvoir Network