Same here, I already have a Wii and PS2, and want a 360...but can't currently justify the price without the new motherboards.
For $200, I couldn't care less if it went up in flames. I'll prolly go hunting for one today.
Aside from that, without the HardDrive, how much game save files can it hold?
EDIT: Scrap that, I've changed my mind. I'll have to blow $80-$100 for the HD (required to save/play XBox games), and maybe $30-40 for another controller (my g/f is big on Halo), and taking into account that new price, and the current failure rate, I don't believe it's worth it.
I've read too many reviews of it failing even under the LIGHTEST of gameplay habits (like 2-3 hours a week) in only a few months. I'll wait for the 65nm boards and then some to see how things pan out.
~HotShotX