When Sony announced a $50 price cut for the Playstation 3, I assumed Microsoft wouldn’t rush to do the same with the Xbox 360. The console is sitting on top of the sales charts in North America right now, so there’s no immediate need to drum up sales by slashing prices.

But that’s not stopping Walmart. A leaked flyer, provided to Joystiq, shows that the Xbox 360 4 GB bundle with Kinect will get a $50 price cut to $249 on August 28. The leaked flyer doesn’t show any price cuts for other Xbox 360 models or bundles.

Microsoft has distanced itself from the rollback. “Walmart made an independent decision to implement this temporary price cut,” the company told Joystiq. “We’ve made no announcements about price drops, and do not discuss our pricing plans in advance.”

I buy the claim that Walmart is acting alone. But while Microsoft calls it “temporary,” Walmart’s circular says nothing of the sort. And if the retailer can afford to roll back the price, I wonder how long it’ll be before other retailers — and Microsoft itself — do the same.

My gut still says that any price cuts on Microsoft’s end will be designed to sell more Kinect units, ahead of a big software push for the motion-sensing camera. New games like Dance Central 2 are on the way, and the Xbox 360 dashboard is getting a redesign with deeper Kinect support.

 
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Read more: Gaming, Microsoft, Microsoft Kinect, Xbox 360