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I'll go with the wired controlers... why? so I can play all night long!!

no need for a recharge!
The upshot there with the wireless 360 controller is:
a. It supports standard AA(A? - penlight) batteries so you can just use any old rechargeables.
b. You get a play and charge kit, so your wireless becomes a wired only if you need to charge it.
I was looking online and what I'd consider a baseline gaming GFX card, ie 3850, or 8800GS are about 2 Grand just on their own. As I said, the Arcade is a fantastic option for someone who jsut wants it for their "other" platform
If you're thinking of swinging to Console as a primary platform then the Pro @ R2800 is still a great deal. The HD then helps for things like DLC arcade games, maps and demos, and unit comes with component cables and a headset.
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Paying your TV licence... A pain!!
Not if you grab yourself the 360 VGA cable and plug it straight into your PC monitor, which makes for a great cheap HD solution.

There's a lot of guys that play like that. I know a few guys who went so far as to install a KVM switch so they can surf the net while they're chatting in lobbies.
Oh, btw, the 360 version of GTA4 comes with 1 month Free Xbox Live.