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Yeah, I'm waiting to see what A: MS will do to improve in Europe (UK is the only good place, or at least was) and B: Sony will do to improve in NA.
With the news of new chipsets in the PS3, odds are that the price will drop again pretty soon, perhaps teamed with the release of some blockbuster game come first quarter 08', which would leave only a miniscule difference in price between the two.
I'm not sure how much money MS or Sony are willing to loose on their games division to keep their respective brand names afloat, but I'd wager; a whole lot...