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The biggest issue here is that the $149 price point only applies to current 360 owners.  They're attempting to sell a peripheral that has thus far shown that it has little use with hardcore games to a predominantly hardcore market for $149.99, seemingly without a game.

For the Wii market and everyone else, they'll be trying to sell a 360/Kinect bundle with no hard drive for $299, effectively resetting the 360's price to what it was at launch five years ago.