The bundled 3DS is really beautiful. Absolutely worth 200 (and 300, since actually finding one is crazy). I love having the physical. My husband and I have hundreds of games, boxes, strategy guides, CE's, figurines, etc, etc. We're also avid steam users. Being able to get stuff we wouldn't normally buy for cheap is really cool. Both are great and have their purposes.
Also, while distributors take a cut of game sales, I doubt it's much of anything. I remember reading for movie theaters, they get tiered percentages from movie releases. First weekend, 5%, next weekend 10% and so on. Which, if you think about it, is nothing. Most people go to the movies within the first week. Which is why soda is 4 bucks for a cup and popcorn is your firstborn child. So if digital sales were cheaper, it would murder physical copies into the ground. Gamestop and it's ilk are already sweating it big time because of all the new console rumors.
...however, I do agree that digital SHOULD be cheaper. There's nothing physically made so no manufacturing, no shipping, no third party. But how to work that out? I guess preorder bonuses for physical copies are one way, but those really suck. I remember when FF13-2 came out and one place had DLC, another had a novel, and the other had something else. If I had actually cared about the game, I would have been pissed. Because I'd want at least the novel AND the DLC. The entire situation is lose-lose right now, especially for the consumer.