Here is what I hear all around at work.
The interest in 360 is horrendous. However not everyone is aware that there are going to be two options. The $300 dollar option is just Xbox 360 hat will play only games for 360. $400 option is supposed to be backwardly compatible, regardless if it's emulator or actual compatibility.
The biggest differences between both options is that $400 one is fully network ready and comes with all kinds of accessories. Also, someone might correct me on that one; $300 option does come with hard drive. You must buy it yourself.
I only hope MS learned on heir mistakes and step by step will master this platform to allow us to play ALL older games. However, we all know how monopoly works and how it makes its money. And believe me; they make more money on their accessories and games than actual Xbox.
When it comes to upgrading your TV and other systems...
Here is a tip. If you were thinking about and are almost ready you should maybe make a move soon. The biggest day in retailers’ world is coming in just under a week. It's called Black Friday and happens every year just after the Thanksgiving. Although the door busters are a great mystery until Thanksgiving evening, just Google Black Friday and take a look.
Also for impatient, who want their Xbox 360 earlier - Best Buy starts selling them on Tuesday, the 22nd. I think that's two days earlier than the rest of retailers. No rainchecks, but I know some of the stores open at midnight for a quick sale. You can give them a call and find out if there is going to be one open for business near you.