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I don't think they'll use the 80GB PS3 for Europe just yet (aside from the UK where they could use some HW-boosting).

They're making a nice profit on selling the 40GB's over here, and they have this market down already.

I think they'll focus on NA to close the gap with Xbox, and perhaps keep churning out bundles so that they can keep this momentum going until the alleged price drop from the Xbox takes the wind out of their sails a bit.