Who buys a console on release? When they are most expensive, most problem-prone, and have the greatest lack of quality games?
I waited three years to pick up a Playstation 2 (obviously I never felt a burning desire to own one in the first place), and have been quite pleased with it. I've never had a problem, the price was reasonable enough to buy it new, and there were enough games that satisfied me to justify owning it.
The price will drop, just as they will iron out the problems with hardware revisions, and better games will be released. I suppose it will still be expensive, but out of the six hundred dollar range. I will most likely buy one in time, mostly depending on the game selection.
Of course, that will have nothing to do with the inevitable rush to be the first to own the PS3.