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Heh, I just bought an Arcade yesterday. I thought it was a fantastic deal.

$199 for the console
$30 for 20GB Hard Drive + 3 months of Live Gold (which I will be selling) from xboxstorageupgrade.com
$15 for component cables via Amazon.com

$245 for nearly the same thing you get with a Pro. I was pleased with the price but haven't spent more than 15 minute on it so far, so I can't speak much of the console yet.

That's not to say that it wasn't a bad idea in the first place...