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Engadget probably has the first hands-on Xbox 360 review on the Net. Overall very positive comments and a lot of talk about XBox Live, plus a perspective on the XBox competitive positioning against Sony PS3:

Kotaku adds:

After actually playing some of these games it’s hard to imagine all but the most diehard Sony fanboys holding out for the 5 - 7 months that’ll pass before Sony introduces their console.

And Gizmodo believes there is a cunning sales plan:

I’m beginning to see the wisdom of selling two SKUs come November 22. The stripped down version, which comes with the wired controller and without a hard drive, is a nice gateway console for timid gamers.
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Kotaku starts to see a need for Windows Media Center Edition:

The built-in extender features turns the XBox into a living room media center for the oldsters. HD content looks flawless and the movie download services are waiting in the wings

My first reaction is healthy skepticism over a clear headstart advantage for Microsoft, as I weigh the strategic assets at play in this head-to-head competition:

PlayStation

XBox

Furthermore, in terms of quality of game I think all publishers are spreading their bets on both platforms as much as possible except for a few exclusive titles for launch… so no advantage there.

In summary, my take so far is that this will be a close race and it is too early to call.

For all we know, Sony might still have a few last-minute improvements that could be made to what the XBox offers.

Overall, the launch of this new generation of photorealistic consoles will trigger a new wave of growth in the industry and will bring videogames closer to the mass-market. Any of you thinking of adding the Xbox 360 to your Xmas shopping list? Let me know.