I say F that and either wait or just buy an Arcade. The Elite will drop to $300 by the end of the year and it might still have Halo 3 and Fable 2 in the box. If you're only interested in exclusives, just buy an Arcade. You can get a hard drive later on as you need it. The 512mb on memory is more than enough to store game saves and patches... and since it's only exclusive games you're not even gonna have that many of them.
Honestly though, I think owning a PS3 and 360 is a waste. You'll get Forza and GT5... do you really need to basically identical racing sims? Halo and Killzone are the same game for the most part. Most exclusives are identical to an exclusive on the other console. The only console with exclusives that honestly aren't matched by any other game are on the Wii.
