Microsoft recently announced a new design for the Xbox 360 console. Improvements include built-in WiFi, a bigger standard hard drive (250GB), smaller size and quieter operation. It will be available later this week in North America and will cost $299.

The question on everyone’s mind is if the Red Rings of Death issue has finally been fixed. Some have reported that the ventilation on the new machines seem to be better, so that’s a good sign, but ventilation wasn’t always the cause of problems in other models. We hope Microsoft has resolved the hardware reliability problems that have plagued Xbox 360 owners.

It will release in Australia, New Zealand and the UK during July for $499 NZD, $449 AUD and 199 GBP respectively.

To prepare for the new release, Microsoft is giving $50 discounts on older models. The Xbox 360 Arcade will now retail for $149, with the Elite model at $249. Retailers are likely to run specials to help clear out old inventory as well. For Father’s Day, customers who purchase an older Xbox 360 at Wal-Mart will receive a $50 gift card, a wireless controller and two extra games (Viva Pinata and Banjo-Kazooie: Nuts & Bolts).