scarcity is a powerful thing in the mind of the average consumer.
those on the fence about whether to buy a 360 might be tipped over the edge by the lonely 2 or 3 left on the shelf... he/she is convinced that they won't have another shot at buying it if they DON'T ACT IMMEDIATELY!!!
and don't underestimate the media coverage. those stories of overpriced ebay auctions, mad mothers running over eachother to get lil' johnny his christmas wish, people waiting at Wal-mart @ 1 AM for the next shipment to arrive... it's powerful marketing that doesn't cost microsoft a dime.
for myself, i really don't care that much... i'll be playing too much wifi mario-kart ds.