Seeing the vast and growing game library for X360 I went ahead and bought the Elite model. That HD will come in handy when upcoming firmware update is done allowing for complete installs on it instead of running from the disc. Since Final Fantasy 13 has been announced for the X360 I now have high hopes for Metal Gear Solid 4. Other than MGS4 there are no exclusives for the PS3 I'm really interested in.
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