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kowenicki said:
depends how its done......

In the UK you can now get a PS3 normally £299 for £298 WITH Res 2, Motorstorm 2 and Prince Of Persia... thats £100 off right now.

So it is effectively cheaper than a 360 Elite already and not much more than a 60 gig 360.

 

So you are using bundles to show that the PS3 is cheaper than the 360 elite? I can find a 360 elite bundle which will show that the elite is cheaper than the PS3 (in the bundle you stated above):

http://www.play.com/Games/Xbox360/4-/8134805/Xbox-360-Elite-Console-+-Banjo-Kazooie-Nuts-Bolts/Product.html 

A bundle nowhere near compensates a price cut. If the PS3 truly was £200, it would blow the 360 out of the water in Europe.