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If Wal-mart makes this deal widely known, I believe they could potentially move a lot of PS3s. Yeah, a person has to front the $399 initially, but it's easy to spend $100 and more on a new controller, games, etc.

EDIT: if it's a Blu-ray-only card, then the effect would be much less, but could still be quite an effect in NA... we're talking about Walmart, here.