It happens quite a lot here. It's mostly GAME, HMV and PLAY.com that do the exclusives, although Amazon and GameStation sometimes manage to secure some kind of an exclusive. Sometimes, as I would imagine is the case with GAME, they may even commission something special for the big releases, especially if they can't secure an exclusive (Eg, Fallout III where the lunchbox was available everywhere, but the figure version was a GAME exclusive)
What usually happens here is that more than one retailer may secure an exclusive, so in the case of Saints Row II, there's the standard version; HMV LE with cardboard slipcase; PLAY.com Steelbook version; And the special gift set with USB memory stick etc...
For the X360 alone there are over 70 separate LE's / CE's, which is an impressive number considering there's probably half as many for the PS2
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