After we thought that our sources might not have their facts straight, Microsoft really surprised everyone by officially launching the new Xbox 360 slim. While the company isn’t calling the latest revision of the console “slim,” it makes it easier for all of us to refer to the latest revision as the slim, as it is about twenty percent smaller than the older version of the console.

The new “slim” version of the Xbox 360 will offer a 250GB hard drive and built-in “N” wireless as two of the new attractions of the latest revisions of the console. We are told that it will feature one wireless controller, wired headset and video cable to be included in the new package that will go for $299. No bundle title was mentioned, but we expect this version of the console to get a holiday bundle this fall.

As for the hardware that makes up the new whisper quiet unit, according to Microsoft the new “slim” sports a CPU/GPU combo chip at 45nm. The “slim” features a new hard drive design and isn’t backward compatible with hard drives from the previous Xbox 360; and the old memory units will not work with the new console, either. (We are told that it is possible to still use the transfer cable to migrate the hard drive from your current unit over to the new Xbox 360 “slim,” which is something that we expect a number of people will be doing.) The new “slim” now sports 5 USB ports, which is up from three on the earlier version of the Xbox.

The surprising news is that Microsoft will not wait to get the new console out to retailers; instead, they will begin shipment of the new console today and it should start arriving on retailer shelves next week. Many believed that Microsoft would wait till the fall to release the new console, but it could be a preemptive strike toward Sony, with rumors that Sony will announce a 500GB version of the PlayStation 3 at their press conference on Tuesday.

Despite our prompting, it is not yet clear what Microsoft’s strategy will be for the older units. We suspect that at least starting out this will be the new replacement for the Elite going forward. We suspect that the 120GB Elite units will be marked down or rebated over the next couple of weeks to move out remaining inventory. In the short term, we expect the Arcade to remain, with it being transitioned over to the new “slim” design at some point. Of course, Microsoft has yet to confirm that this is the case, but we have to think that this is how it will play out.