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Nintendo is unlikely to have two "different" models with different haddrive/storage space--especially with the generally small difference between 250 adn 320 GB.  

"Custom" Blu-Ray sounds like something Nintendo would do--as in, crafting their own proprietary disk (probably with Matsushita again) as they did with GameCube and Wii where they built faux-DVD technology so Nintendo wouldn't have to pay for the rights to use actual DVD's.