Bought my 360 about a month ago now and think its great, as far as i know, you will need a HDD for xbox live, downloadable content and most games will require them.
just check the exclusives but its definetly worth getting, especially if your friends have one you can co op with them on some good games.
If you are really wanting to play AAA games all the time, having both is the best way of doing this, releases ebb and flow on both, and the 360 has that great cheap back catalogue on top..
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