Jae ... don't cancel that preorder. You'll be retarded if you do.
Monitor eBay ... if they're going for $500+ before xmas, consider this like a stock option. You're locked in for a set amount knowing it's worth more.
I did this with the PS2. I got one from Gamestop.com and EB.com ... AND slept on the curb of a Target. I unloaded these for uber profit right before xmas.