Lope, I'm not exactly sure how you did your calculations, because the difference between 70% and 90% efficient will not give you 600W & 400W respectively!
I've now gone and created an Excel file with charts that show you the impact on your electricity bill w.r.t the different PSU efficiencies. You can see a screenshot of the charts & info here:
http://media.s3.zoopy.com/media/2010/11/24/34317/254400/original.jpg
I've basically chosen 3 different daily usage scenarios (24h @ full load, 2h @ full load & 22h @ idle and 2h @ full load).
I've also used a reference PC that is an i7 920 + HD 6870 where the components draw ~130W at idle and ~300W at full load. You'll see that I've included a table that shows how much the actual power consumption will increase for the respective PSU efficiencies.
What you can basically deduct from those graphs are:
1) Don't leave a high performance PC switched on when it's idling!
2) Don't use a cheap power supply if you're going to be running a high performance PC at full load 24/7 for 365 days of the year
So you'll actually save more money by switching off the PC or placing it in standby, when it was going to idle for most of the day, than you'll save when buying a very expensive 90% efficient power supply and letting your PC idle!
For this exact reason, I'm mostly using my laptop for work/web surfing and when I'm doing hectic work/play games, I use my beast (Core i7 + 2x GTX460 OC -> 6W standby * / 120W idle / 460W load)
@Lope again:
When the components consume 360W, a 90% eff PSU would draw 400W from the AC input and a 70% efficient PSU will draw 514W from the AC input!
Using your tariff of 0.56c/kWh, you will save R560 per year by using a 90% efficient PSU over a 70% efficient PSU when you're running the 360W PC at full load 24/7, which is half of what you've estimated
If you want to plug in your own values (fields marked in yellow), then you can download my Excel 2007 file from:
http://www.quickshare.co.za/files/qb532eel/Power_Calculator.xlsx.html
I calculated the electricity bill by: bill = ([load of components at full load in kW * daily usage at full load in h] + [load of components at idle in kW * daily usage at idle in h] + [load of components at standby in kW * daily usage at standby in h]) / PSU efficiency * 365 days/year * tariff in R/kWh
eg.
with 90% eff PSU and 24/7 usage at full load: bill = ( [ 0.36 kW * 24h ] + [ 0.13 kW * 0 h ] + [ 0.006 kW * 0 ] ) / 0.90 * 365 days/year * 0.56 R/kWh = R 1 962.24
with 70% eff PSU and 24/7 usage at full load: bill = ( [ 0.36 kW * 24h ] + [ 0.13 kW * 0 h ] + [ 0.006 kW * 0 ] ) / 0.70 * 365 days/year * 0.56 R/kWh = R 2 522.88
Of course my scenarios aren't ideal and the efficiencies of the power supplies are usually different during idle and at like 80% load, but I just don't want to make it that complicated

I can't say that the 6W standby is correct, because I don't know for sure that my Corsair AX850's efficiency is 90% at such low power consumptions, so I've just taken the 6W that I've measured at the AC input.
It is also worth noting that your PC also consumes power when it is switched off, but not unplugged/switched off at the AC input!