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Microsoft does this every year, don't they? Amazon advertises it as a "Holiday Promotion". I know they had $50 off last year, as well. This is part of the reason why the 360 always does so well at the end of the year. I was planning to buy one when the price dropped this time around, until my circumstances changed.

It might be early this year, but it makes a lot of sense considering the upcoming FPS titles.