Pros:

- 120 GIGs of space
- Great online play (only 50 bucks a year)
- GTA4 exclusive DLC
- CoD: MW2 is going to have exclusive maps when it comes out
- Other great exclusive games like,[*]Saints Row[*]Left 4 Dead[*]Halo (although I think it sucks)

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Cons
-RROD (Which only happens is you treat it like shit. I recommend you install games that you play all the time to your hard drive.