My 1/50th of a dollar, in response to some of the comments so far:
1. There WON'T be lines for this because M$ isn't gonna have a cockup in the parts supply chain like Sony got killed by. Sony couldn't get components, XBox is all off the shelf stuff from Intel, Nvidia, etc.
2. The controller looks like it should be for the DreamStation Cube.
3. Price will prolly be ~$299, cuz that's what PS2 went off at, so the market will bear it. However, Sony may cut prices to $250 or even $200 and that'll mean pressure on M$ to drop prices. Stay tuned...
4. Developers are gonna abandon the PS2 real soon, cuz for all the hype of the PS2, it's a beyatch to code for and it's inferior to the HW in the X-Box. Plus,
4b. I was at Funcoland the other day and the woman ahead of me got a PS2. (Day AFTER Xmas.) I asked if they had them now in stock and they told me it was a reserved unit and that they had their stock promised out until MARCH. So, if the public can't buy the darn things until Spring, with X-Box looming in the Fall, who's to say the everyone won't decide to wait a few more months.
5. The first generation games for X-Box are gonna look SCHWEEET!!! The NV20, T&L, DX8 features, etc. are gonna allow developers to go buck wild with the eye candy, cuz they know EXACTLY what the end user's gonna have in their rigs. No more "What about people with Rage Pros and V2s?" nonsense.