$400 is still too much for me, otherwise I'd already have a 360.
When the 360 drops in price to $299 for a premium it will show up on my radar, when it drops to $249 or less I'll probably get one if I haven't already. By the time the PS3 falls below $300, I'll have a Wii and a 360, and enough games for both to make justifying another console purchase very difficult.