Is all those $100 gift cards that were being offered with Xbox 360s not proof of "channel stuffing"?
Could be. Considering how many stores had them, and for how long they had them, it definitely could mean MS was selling the 360 at discounted prices. That on top of how well sales were in Nov probably caused many stores to go ahead and buy plenty of stock. They figured they would go through them in December, and if not, would sell them eventually. For me, though, the most telling sign that MS channel stuffed/retailers bought much more than they needed is that MS was running ads for their holiday bundle in the US after Christmas was over, up until at least the first few days of Jan (not sure if they are still airing the commercial, I haven't been watching much TV lately). It's the first time I have actually seen an ad for a holiday bundle, outside of store ads that come in the mail, let alone one playing days after Christmas.