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Just for a point of reference for everyone(hopefully I'm not being foolish by repeating what someone else posted already).

£430 = €520 = $714(Remember that UK has a high rate of VAT)
£400 = €484 = $665

The baseline price in Europe is €500. I pity UK early adaptors. It does seem that MS exploited what they felt was a sure market for growth. But we live in a capitalist society, if you felt the console was worth the money at the price you paid then that was your choice.