Two things that Ninteno is known for throughout the industry are hardware revisions and price drops. Under normal circumstances these two things usually go hand in hand. But with their latest handheld the 3DS off to a not so great start, it looks as though Nintendo is deciding to act as quickly as possible. Hit the jump to find out the huge price drop.

The Nintendo 3DS will now be retailing for 169.99 and that price will become official as of August 12th. For those of you not so hot with math skills that's an 80 dollar drop. For those of you that have already plunked down the 250 bucks on the handheld fear not -- as Nintendo is cooking up an "ambassador" program that will net you free stuff in return. Following a botched launch and taking into consideration just how much great press is surrounding "that other 2011" handheld it comes as no surprise as to why Nintendo decided to move on this so quickly. All we need now are a few more colors and a better battery and then the holiday handheld wars will get a lot more interesting.