I was going to do the same thing actually, buy a 120gb and put a 500gb in it. But i got the 250gb bundle with 3 games from eb since it worked out cheaper as well. But the first ps3 i got was faulty and had to get another one. It kept making a buzzing sound anytime there was some sort of graphic on the screen. If the screen was black, there was no buzz, as soon as a graphic comes up it starts buzzing. Got a replacement the next day though so it was ok. That limited blue ps3 is for japan only but i think there would be some sort of bundle for aus with a regular ps3. I didn't end up waiting for it since i pre ordered the sig edition
As you said before when you were talking to the guy at harvey norman about the damage, i was watching a video sum up of gamescon and they were talking about how eventually they couldnt get into 3rd after smashing the car a lot and had to skip to 4th gear. The last game i played that had that feature was v8 supercars lol. Just 2 months left now