Hotels.com

I have just been on the phone to hotels.com to see if they could price match a hotel in Miami which I found elsewhere cheaper. Hotels.com were advertising at £702, whereas the cheaper site wanted £447. Same room type, same number of people, same check-in and check-out dates.
After keeping me waiting around 15 minutes while the "advisor" tried to negotiate the other website, I asked him to phone me back when he had an answer.
He phoned back a few minutes later and said they cannot match the £447 as they paid over £500, so they could give me a price of £500 and something (my brain froze when he mentioned £500 so I never took any real notice of his actual offer)!
Needless to say, I read out their price match policy from their website which states "If you find a lower price on exactly the same stay elsewhere, we'll match it or let you cancel your booking without a penalty".
The advisor agreed on this occasion they have not honoured their guarantee. I said I will not be booking with hotels.com again.
Maybe I should book with them, pay £702, then cancel tomorrow? After all, their policy does state "we'll match it or let you cancel your booking without a penalty".
Somehow I wouldn't trust them with a bargepole!