Microsoft also announced the price points for over a dozen Xbox 360 accessories, including stand-alone wireless controllers ($50), detachable 20 GB hard drives ($100), headsets ($20) and Xbox 360 faceplates ($20), which allow users to customize their machine.

Those hoping to take advantage of the Xbox 360's oft-touted high definition graphics will either need to purchase the $400 bundle or buy separate component cables (which will sell for $40) along with the basic system. The lower-end package will ship with standard AV cables.

Gamers who buy the $400 version of the system will also find their hard drives pre-loaded with music, gaming videos and more, though Microsoft declined to specifically say what it planned to include on the hard drive.