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I'll be waiting for the "slim" versions of the 360 and PS3 before picking them up. By the time they bring out the major console revisions with all the bugs worked out, the online interface for both systems will be perfected, and there will be huge bins of great used games for $10.
I recently got a slim silver PS2 + around 25 AAA quality games for $400...enough to keep me busy for a good 2 years..
It pays to stay a generation behind. 
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