The 120GB HD's might be getting a price cut to make way for the inevitable 250GB hard drives. They currently sit at $159.99, but I wouldn't expect a huge drop (maybe $20-$30 at most)
The 60GB are sold for $109.99 as a 'Live Starter Pack', which includes a wired headset, 3 months of live and the 60GB HD.
Gamestop.ca lists a 20GB Starter Pack, which also includes a 3-month Live card and a wired headset for $59.99.
Best Buy/Future Shop also have sales which give you 10% off accessories, might be a good time to pick up hard drives then.
hope that helps!