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Considering that they had shipped 53.5m by the end of March, I think it's safe to say that these are shipped numbers. At the end of March we had 52,944,813 sales for the 360. So there was about 550k 360's on shelves/ships.

As of right now, we have 53,531,322 (Without the Americas/Japan numbers for the Week) sold Worldwide. ~53.6 Million after the full update? So ~400k on shelves/ships...? If the 54 Million is accurate, of course.