Update: New Slim Xbox 360 console will be available in Europe on July 16th. (via Twitter)

It seems the rumours were true, Microsoft has announced a new design for the Xbox 360.

The new console will have built-in Wi-Fi N, a 250 GB harddrive, and all for the same price as the original console ($299) and will be shipping from today. No other details were announced although it is obviously that the console is now smaller – enough so to fit within the case of it’s big brother. The news came after a thoroughly disappointing conference from the American-giant, where each member of the audience received a new console of their own.