I'd wait on a 360 honestly. One, for pricedrops. And two, to see how it matches up against the PS3 in the beginning of the year.
Unless Mass Effect, Halo 3, or Bioshock are must have games for you, but you may end up spending $300 or more on the console of the past.

The 360 is definitely getting a price cut soon, however, since a spokesman for them already announced that one is in the works.

Dude, you have HD now get a system that takes advantage of it!! Get the 360 or a PS3. IMO Nintendo made a mistake in not supporting at least 720p.

I would wait btw, I bought my PS3 a week before the price drop. Was well gutted.

i'll probably wait

Dude, get a 360 (or a PS3). There is a ton of awesome games for the 360 and if you have that new HD set up you should really take advantage of it.

Definitely wait. See what the reports are for RROD on the new hardware rev. MS will have to drop the price by spring or they will be heading for 3rd place fast.

I kind of want a 360 even though I have a PS3 already but I was wondering how much life does the 360 have left? I know the original X Box only lasted 4 years, so would it be worth it to buy a 360 now, or should i just wait till the 720 comes out?? Anyone know how much longer the 360 will last? Will it be 4 years total like the last one, or will this one have a longer life? I don't want to buy it if it only has like 2 years left. Any help would be appreciated.

WHAT?! YOU ARE CONSIDERING A PURCHASE OF A WAD OF A FECES?! SINNER! BURN!

""i'm already thinking of getting a PS3, but not until it get a lower price and with PS2 playback. :) I want it for the blu-ray. ""

==> the fact that sony will release a new sku with BC is NOT 100% sure.

The X360 has quite a few years left, muff. If Microsoft wants to make any money this generation, they have to keep it awhile.

Not only this, MS spokespeople have already said the next X360 is still 4-5 YEARS away still. They saw what the PS2 is still doing, and are hoping the X360 comes to the same way. They've even said they will make games for the X360 when the next system comes out ala Sony and God of War 2.

It's totally your call if you want to wait or not. The X360 might get a price drop (or I should say that it's more than likely) when GTAIV comes out. If your willing to wait, you could save yourself $50 by waiting. However, the game library is totally awesome, and you might end up like many X360 owners, and if you don't get it now, you'll be backlogged on many, many fantastic games.

If you get a X360 now, or later, do some smart shopping and make sure you pick up a Falcon unit. Check the power supply. If it's 175w, you know your getting a Falcon. Every report I've seen has shown that the Falcon has fixed any and all RROD problems. They're a thing of the past for the Falcon units. So feel free to buy with confidence.