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I'm confused. You talk about the king, then you talk about the PS3.

Do you mean the PS2? The PS2 more properly fits the title of "beaten down king" but it doesn't have anything left in the tank.

The PS3, on the other hand, doesn't have much.  BD players are cheap now so the PS3 can't argue it's a better value than the 360.  And the 360 has free HD movies for netflix subscribers (like me).