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Just my 2 cents but... there's still a very strong opinion of "buy cheap buy twice" in the UK, if you take into concideration this, people could be seeing the PS3 as less than the cost of two 360s if one was to break (assuming they'd go for the Premium console).

Also, the average consumer may not even be aware that there's a 3 year warranty on the 360 when it comes to the RROD? People here always just assume they get their standard 1 year warranty with their product, even though EU regulations say all complex electronic devices must have a 2 year warranty with the manufacturer (don't expect your local Comet to tell you this though).