I just read the USA Today, and I read the online version and they had this to report about the Xbox 360.
So the question is which one is everyone going to get? The $399 version, or the $299 version. I know which one my wife will want me to get.
It looks like the $399 is the better value with everything that you get. If you get the $299 and then want to upgrade, the wireless controller is $49, the hard drive is $99, etc.
Still no official word on the backwards compatibility but the article does mention that you will need the hard drive to do it.
There should be an announcement in the next couple weeks as to when the Xbox 360 will be released.