400€ is simply too much. Period.
250-270€ is the highest price i could imagine to spend on a gaming console...in other words sooner or later i could get one but i don't see this happening before Chirtsmas 2009.
In the mean time i could consider getting a x360 though: price is accetable and the only thing thta's actually preventing me from going out and getting one is the fact that probably by this christmas i could get for the same price the new pro model (60gb) and/or a pro plus the usual holiday bundles.