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If you're going to wait for a $50 price drop I'd recommend looking around now and trying to find a good boxing week sale on one. There's a good chance you will be able to find one with either extra games or $50 off it you look hard enough.

For example I live in Canada and Future Shop is selling an Xbox 360 Pro bundle this week that includes Halo 3, Two Worlds, Forza Motorsport 2, and Marvel Ultimate Alliance for $399.