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I recommend getting a 360 around July, the new processors should be out by then, cooler running. I just had my 360 replaced after 11-1/2 months of working well, about 1-1/2 week turn around. I'm gonna trade or sell my 360 when it comes it so I can get the newer model.
I've been playing COD2 on Xbox live and it's fun, not quite enough for me to buy one, but maybe if they drop the price this summer. Oh and it especially sucks that you have to pay for xbox live.