UPDATE 27/10/14 11.50am: Microsoft's Christmas Xbox One price cut will remain a US-only promotion for now, Microsoft has told Eurogamer.
"Decisions about promotional and pricing strategies are made at a local level and based on market context," a Microsoft spokesperson said. "We have nothing more to announce at this time."
It's worth nothing that Microsoft's original statement on the matter states that "regional availability and timing outside the US will vary", suggesting that the offer may be announced elsewhere in due course.
ORIGINAL STORY 27/10/14 10.40am: Microsoft has announced a limited-time $50 price cut for Xbox One in the US, taking the console's standard price down to just $349 (£217).
The new price comes into effect on 2nd November and be available until 3rd January.
Microsoft's saving will also apply to any of the console's upcoming bundles.
That includes the Assassin's Creed: Unity pack (with or without Kinect), the white-coloured console and Sunset Overdrive pack, and the 1TB console and Call of Duty: Advanced Warfare pack.
Amazon, Best Buy, GameStop, Target, Walmart, Toys 'R Us and the Microsoft Store will all take part in the promotion.
There's no word yet on a similar offering for Europe, but we've asked Microsoft for comment.
The UK has already seen a couple of Xbox One price drops this year. The console launched less than a year ago at £429. It is currently priced at £329 without Kinect.