The price cut matches Sony's temporary PS4 price drop to $250 that started February 12 and also runs until February 25. When Sony announced its PS4 price cut, it was only a matter of time before Microsoft followed, as it's done in the past.
As mentioned, the Xbox One price cut is good on all Xbox One and Xbox One S bundles, including the 1 TB Xbox One S Halo Wars 2 system that launches today. Its list price is $350, but the discount brings it down to $300. It comes with a copy of the Halo Wars 2 Ultimate Edition, which unlocks today ahead of the RTS sequel's official release on February 21.
There are quite a few Xbox One S bundles available, including the 500 GB Battlefield 1 system that comes with that game and a one-month subscription to EA Access. It normally sells for $300 but is now available for $250 thanks to the price cut.
The $50 price cut on all Xbox One models is good at all major retailers in the US, including the Microsoft Store, Amazon, Target, GameStop, Best Buy, and Walmart.