According to Target.com it is. It's listing the Xbox 360 Pro at $299.99 as of right now, but only for "in store" sales. We're bothering our local brick and mortar Targets to confirm that the price drop has already taken effect, but if it hasn't we're sure that this-gen lollygaggers won't mind waiting a whole 48 hours for everyone else to get on board with the price slashing party.
Xbox 360 Pro Hardware [Target - thanks, jump4816!]