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You shouldn't compare the 80gb/40gb PS3 to the 60gb PS3.

60gb PS3 = 425 pounds at launch.
20gb PS3 = Didn't launch.

then:

60gb PS3 price cut = 350 pounds
40gb/80gb PS3 (20gb replacement) = 300 pounds.

So a better comparison is 170 pound 360 vs. 180 pound Wii vs 300 pound PS3.
OR 20gb 360 -> Arcade 360 = 150 pound price drop vs. 60gb PS3 -> 40gb PS3 = 110 pound price drop.

In the end the reason people are making a big deal about this is because 60gb 360's are now cheaper than the Wii and the arcade isn't much more than the Wii... hell the Arcade 360 is even getting close in price to the PS2... in addition to that M$ dropped the price in Europe a mere 6 months ago, and this sort of price drop makes it likely that M$ is beginning to end this console generation by getting ready to announce a new console in 2009 or 2010.