http://www.kotaku.com.au/2009/08/elite-360-dropping-in-price-rip-pro-model/
Looks like the Pro model has gone bye bye and now you have the choice between no hard drive or "big" hard drive (also white or black but it'd be racist to choose based on that)
Assuming this is true, it might also spur a big round of sales to get rid of the 60GB pro model so if you're in the market for a 360 this could be a good time to start putting money aside

Suspicious timing.
This sounds like a response to Sony's much bigger announcements being given an official date to be made official.
Nahmean?
Continuing Microsoft's lovely record of copycopycopycopycopycopycopy.

Sony have had dozens of chances to drop the price of the PS3 and just decided not to and its not like you can copy something thats not been done yet.
I wouldn't be in the least surprised if I were told this was an aggressive undercut of a possible sony price drop though, that's just good business sense. Undercut your competitor in advance and you win by making them drop the price more than they wanted to compete or you win by them cutting prices and STILL being more expensive than you.
As for the SKU, the rumour about MS dropping the Pro model has been around for a month or 2 and got pretty conclusive a week or 2 ago so at least thats been in the works for a while.