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It's not just the price cut, it's the price cut plus the model revision. It's almost like a platform relaunch.

Something else I've noticed, for some reason repeat purchases only tend to get considered when it comes to handhelds, but the truth is it applies to consoles just as much. Almost everyone I knew with a "fat" PS2 upgraded to a slim at some point soon after it released, and the same is proving true among the PS3 owners I know. And honestly, with a platform like 360 that's notorious for (un)reliability, I think that effect could be even more pronounced.