Tasty Deal.
So for £355, and £55 worth of PSN credit you can get a 160GB PS3, or for £299 you can get a 80GB one...
£55 should get you Warhak, GT5:P, SuperstardustHD, and a couple of PixelJunk games.
Nice...
However any smart cookies will be looking out for stray 40GB units this Friday, when the 80GB becomes the entry level unit, as the 40GB unit is identical to the 80GB (aside from the obvious HDD size), and the price difference may pay for a large HDD upgrade (something that Sony allow without voiding your warranty, which is pretty generous).