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"It's Taken 5 Years, But the "True" 360 Is Here"
4.0 starson by Hellrazr360Pros: Given a sleek and light facelift, more USB slots is welcome, far quieter than previous models, plenty of storage on the included hard drive, built-in wi-fi.
Cons: Prone to having fingerprints and smudges show, doesn't come with HD cables, disc tray looks cheap and obsolete, older hard drives aren't compatible, doesn't offer much that previous models didn't.
Summary: The Xbox 360 has had a run not too different from what a heavy metal band goes through when they become more mainstream with each subsequent album release (see Amorphis, In Flames, etc.). It's a given that the 360 will continue to have the largest (and arguably best) game library of this current generation. But much like the PS2 before it, the 360 has been frequently reported for having a lack of reliability (so much so that Microsoft extended the warranty before addressing the issues themselves). Having stuck with the system since the year of its launch and having gone through five prior to purchasing a Slim, I think it's clear my experience hasn't been entirely optimistic.
But now Microsoft have given us a slim design of the 360 much like the PS2 and PS3 (shrinking the included power brick, but not eliminating it). The appearance change is welcome, with one of the notable differences being that the hard drive is now placed inside the system itself (as a result, the previous version of hard drives aren't compatible with the 360 Slim). You can still try to transfer content with aftermarket cables, but there's also the option to take your content off Xbox Live itself.
Outside of aesthetic differences, the Xbox 360 Slim doesn't offer much that previous versions didn't. The included hard drive holds 250GB, the fan is significantly quieter than before and buttons are now touch-activated. A couple of the few changes made that are more notable is a more convenient support for Kinect out of the box (which I haven't tried) and the inclusion of a built-in wi-fi adapter. Other than these relatively minor changes, this is still fundamentally the same Xbox 360 you know. One of the few downsides to this updated version of the console is that HD cables aren't included (just the regular yellow/white/red outlets), despite the much-emphasized and marketed promise of HD and a built-in HDMI outlet.
With all this in-mind, those who haven't made the shift to the current generation of videogame consoles are the most encouraged to purchase an Xbox 360. If you happen to be among the few like me who have had the regular Xbox 360 up to this point and were stuck with the original 20GB hard drive, then a purchase of the 360 Slim might be easier to swallow than others. Either way, this is more or less an updated and seemingly more reliable version of the 360. The price for the 250GB version is reasonable and what's included is, for the most part, ideal and welcome.

