Funny how I just posted in the other thread how it surprised me that MS took so long to get to 65nm because IBM has been using the process for nearly a year already. Then I see this thread... This makes much more sense. You figure 4-6 months for IBM to retool the 360 chip to 65nm, MS to redesign the mobo, ATI to redesign the GPU, and you come up right around May... Sounds logical to me.
As for the Elite in Europe, it hasn't been priced yet. It would be a real kicker to see MS roll out the new price points worldwide when the Elite hits the Continent.

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