I saw some Canadian flyers yesterday (FS, Walmart...) and they all confirmed the price drop. All price drop are effective Friday the 5th.
Arcade $199
Pro (60GB) $299
Elite $399
Not sure what the old 20GB one will sell for? From my point of view, the Arcade pack is amazing value for the price. I've seen a lot of people trying to get rid of their old 20GB drive for 20-30$. For someone without a 360, an Arcade pack plus a 20$ HD seems like a great deal to me.
I already have an Elite but I wouldn't mind getting a 200$ Arcade pack for the bedroom. I figure that if I sell everything that comes with the Arcade pack, wireless controller, 256MB MU, disc with full XBLA games, AV cable, I could probably end up with a new console for around $165.