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I would imagine it is down to control. MS clearly want Live and the 360 online experience to be completely closed off and controlled (not saying that's good or bad BTW). An Internet Browser would open it up.

Mind you, given the PS3 has one and is a lot more secure than 360 I'm not sure what difference it would make apart from giving 360 owners more direct access to content rather than via controlled apps.

Try to be reasonable... its easier than you think...