Nintendo today announced that their Nintendo 3DS system would be getting a massive price cut. The console, currently available for $249.99, will have a MSRP of $169.99 effective in North America on August 12th. Similar cuts will take place in other regions as well, with Japan receiving a 10,000 Yen reduction on the 11th. This news is coming on the heels of the announcement that Nintendo’s profit forecast for it’s current fiscal year will be cut by a whopping 82 percent. While this is not the type of headline that stockholders will find remotely pleasing, it is certainly exciting news for anyone looking to pick up a 3DS in the near future.

What about the loyal fans who have already purchased a 3DS at the exorbitant $250 price tag ? While early adoption is always a buy at your own risk affair, your efforts will not go unnoticed by Nintendo. The company has announced that anyone who has purchased a 3DS AND connected to the eShop via internet before 11:59 on August 11th (EST if you were wondering) will be eligible for 20 free games under what Nintendo has deemed their “Ambassador Program”.┬áThe titles will consist of 10 NES titles and 10 GameBoy Advance titles from the Virtual Console. The 10 NES games will be available beginning September 1st and consist of titles such as Super Mario Bros., Baloon Fight, Ice Climbers, Donkey Kong Jr., and The Legend of Zelda. These will be available only to Nintendo 3DS Ambassadors until Nintendo releases them to the general public on the Virtual Console service. GameBoy Advance games will be available “before the end of the year” and are comprised of titles such as Mario vs. Donkey Kong, Metroid Fusion, Mario Kart: Super Circuit, WarioWare Inc.: Mega Microgame$ and Yoshi’s Island: Super Mario Advance 3. Nintendo has stated that they currently have no plans to release these games to the general public at a later date … which translates into a probable 2012 rollout of their GameBoy Advance section of the Virtual Console.

Nintendo also reiterated that the Nintendo 3DS has many exciting games coming before the end of 2011. They specifically pointed out that Star Fox 64 3D will be available on September 9th, Super Mario Land 3D in November and Mario Kart 7 in December. Kid Icarus: Uprising was mentioned as still having a “Holiday 2011” release.

So what do you think readers? Desperate moves or smart strategic planning on Nintendo’s part?