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I think this is a direct effect of the economy.  With unemployment up and the instability of everything, video games are a luxury item.  If Sony or Microsoft tried to bring out a new system in the current market I think it would be destined to fail.  Sony has definitely been building momentum lately so Microsoft had to do something to extend the life of the 360, enter Natal.  It's a risk definitely, but I think it is safer than trying to release the 720 anytime soon.