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I'd imagine given the huge response in the market to the PS3 slim, if MS hadn't been already, they began setting plans to release a re-modelled 360.

I don't think it will have near the sales impact the PS3 version did, but it could still push a considerable amount of hardware.

With Natal, and a huge marketing campaign, they could essentially re-launch the 360, much like Sony did last year with the PS3.

To sum up, I see no reason why this would not happen.