Do what I do:
1) Hold off on buying the console until a few years into its life cycle (actually, I bought my 360 pretty much when it came out but it RRoD'd on me and I've been holding off on getting a replacement until the elite falls to $350). Wait until all the technical issues get hammered out and a couple price drops come and go, then get your much more reliable system on the cheap.
2) At this point, there should already be a significant library of games out for your console. All the games that you wanted to play at launch should now be sitting in the bargain bin, going for a nice $19.99 or $29.99, or even cheaper (do NOT go and get the newest games or this just defeats the purpose and you won't save any money).
3) Just keep moving through the library chronologically. That way, you work through all the games you wanted play, and you never have to pay full price, and by the time you're done with those games, you'll have a whole new set of games waiting for you in the bargain bin. Of course, you can make the odd exception for a game you truly love, like if you're a Halo fan and ODST launches, or if you're into sports and a new FIFA or Madden game comes out, then you can make an exception and get those when they launch.
Of course, if you're one of those people who absolutely NEEDS to play games while there is still hype and buzz surrounding it, then this will not work for you. But if you don't mind holding off on a game for a year or so, you'll save a ton of money this way. Besides, a quality game is a quality game whether you play it at launch or not.
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