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The 360 and the Wii MAY be overpriced. *ducks* I definitely don't think the PS3 is overpriced. You seem to be falling into the trap that many fell into last year: thinking that graphics for launch titles and early titles are indicative of what you can expect from the whole generation (although I've seen a ton of droolworthy games previewed lately).
The expensive price of the extra Wii controllers does seem to make what seems to be a very multiplayer oriented but visually lacking console overpriced. Admittedly, Nintendo has been clever in setting the price of the base unit low and raising controller prices. People will buy the console and realize they HAVE to buy extras for some of the promising multiplayer I've seen previewed.
The 360 requires too many extra purchases even beyond the 400 dollar version- especially if you need Wifi and want to be a part of Live.
The PS3 includes WiFi capability out of the box, a blu-ray player, and now the cheaper version has HDMI. Who cares about the premium version- you can just buy a large external harddrive. So at 500, I think the PS3 will prove to be a good value- especially considering that the PS3 will probably last longer than the other 2 consoles (not talking about success- the tech of the PS3 is built for longevity).
But I can't agree with you- next-gen is worth it and will increasingly be worth it. Just give it some time so that developers can hit their stride and you can afford their products.
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