This isnt purely retail-based. MS Marketing is making deals with retailers. They dont need to offer $50 per console for a retailer to offer a $50 gift card. Retailer knows that people will come back and use the gift card at there store and probably spend more than $50. MS Marketing can do this because the 360 is more profitable than PS3 (Which sells at a loss still).
Its libraries that sell systems not a single game.







