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In my opinion this is a sound strategy, executed perfectly. It makes complete sense to me. Since many people have yet to choose what console they will buy this christmas, this news can sway them from PS3 to Xbox360. With stronger first party titles that sony has, Microsoft has to do more of these kind of deals.
A note to Mr. Stickball, since Wii is outselling both the Xbox360 and the PS3, I can't agree with the "ownage on a global scale" remark. Even if Xbox360 completely gets all of future PS3 buyers, they will merely come up with Wii numbers, not ownage.