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I think in Europe people are more bothered about the quality of the product when parting with their money, hence why the 360 does not sell as well, the failure rate does not sit well but for some reasons that does not bother the American consumer. I have suffered the 360 fate and even though it has great games i am very unimpressed with the build quality and shows Microsoft's inexperience in building hardware.
We must also remember it is still early days yet and as prices come down and more AAA games appear on the Playstation things could well even out.