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Saving money is always good, right?
Plus, it seems any 360s manufactured after July 15 have the new 65 nm "Falcon" chip in them. I'm no tech scholar, but I hear the 65 nm chips are supposed to generate much less heat than the current 90 nm ones. Also, they're smaller, so I guess there's more room for air to flow around inside the box -- which should help that overheating problem that leads to the system crashing.
So maybe if I buy one now it won't turn into a $350 paperweight, eh?
The icing on the cake is that MS has been manufacturing 360s with an extra heatsink for a few months now, and those are already in stores. I guess if your 360 failed and you sent it back to MS, you might have got one in your refurbished system, too.
And according to this thread, you can get both the extra heatsink and the Falcon chip if your 360 was manufactured July 15 or later. The wiseguys on that forum discuss how to tell when your 360 was manufactured in that thread, as well.
The $50 price drop on the premium is nice (that's one free game right there), but when you add in the free three-year warranty, the fixes inside the new boxes, and the upcoming game lineup, it seems I've got several good incentives to buy. It's too bad they didn't drop the Elite more, but I don't have a HDTV anyway and I don't see myself needing the 120 GB HDD. The Core doesn't make sense at all (why did they make a system with no hard drive, when the original Xbox had more hard drive space than I could use?), so it looks like the Premium's the one to buy.
Edit: Oh, my apologies to the denizens of these fora who are scattered across the globe: the price cuts are only in North America for now.