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You gotta see it from the perspective of someone who doesn't play a lot of games and isn't too concerned about the exclusives.
I can play Red Dead, Arkham Asylum, BioShock and CoD and all that jazz. And I play MLB: The Show. Uncharted and God of War more or less equal Halo and Gears, to me.
I don't care about Fable, and I can wait on Mass Effects or whatever. I am getting back into video games but I don't really have many "must haves" or a problem with waiting a while on releases.
I can get plenty of DL arcade games, and netflix. Move is better than Kinect, I think.
Plus I get a blu ray player out of the deal, which I actually use.
I had one and sold it for almost 200 bucks, which I could turn around and buy other things with (including an Xbox..).
Plus Xbox failed me (and everyone I know), and they didn't help me out. So really it's a simple decision from my end.
I don't expect everyone to agree with me, but for me personally it made sense.
If I ever felt like I needed to have a 360, I could just buy a core because I already have controllers, cords, and a hard-drive laying around.
But I don't really feel the need.
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