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At first I was gonna reply with the standard Others discussion about how 360 is cheaper there and still getting beat but NA is a different beast. I think a price drop with aggressive pricing strategy on games like you mentioned could give MS a good amount of extra momentum. Definitely enough to get back over PS3 temporarily (maybe not after MGS4 though).

Especially if they advertised it right and maybe even tied in the X-mote to a massive PR blitz.