My uncle works for Microsoft and he says there is a slim chance that MSG4 will come to the 360, so there is a chance. Blu-Ray discs aren't that better than DVDs discs, blu-ray discs just have clearer picture but there is such a tiny difference that you can't even see the difference. They don't have more space than DVDs. The thing is that Sony will offer then a ton of money to keep it exclusive to the PS3.
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