I’m thinking this is more of test run leading up to the next Xbox. Based on internet rumor and speculation, the next Xbox could have a 16-core IBM Power PC CPU and a GPU similar to AMD’s Radeon HD 7000-series. That’s some serious specs for a console!
If those rumors are correct, the next Xbox could be an expensive piece of hardware, and we all saw what a high priced console launch did for Sony. Maybe Microsoft is experimenting with a pricing structure that would allow them to release a very powerful and expensive console at a very competitive price point.
Imagine the next Xbox had a $500-$600+ price point an Microsoft was able to sell you the new console under this subsidized model for say, $250-$300. That would be a huge advantage over Sony! Especially since Sony does not currently charge for online access. It would be difficult for Sony to add an online fee in order to offer a similar deal. Not to mention to almost certain backlash from the Sony faithful who may cry foul, reminding Sony that they had promised never to charge a fee for online services.
This would also allow Microsoft to better position the next Xbox against the soon to launch Wii-U, which will have a year or more head start. Nintendo will be in a much better position when Microsoft & Sony launch their next consoles to drop the price of the Wii-U if needed.
I would not be surprised if this becomes just another SKU in the Xbox line-up. I do not see any reason that a full priced console would not also be offered.