I've listed the consoles in descending order of bang for the buck; also, these are the straight retail options, so if you're looking for super-bargains and you're fine with going used, head over to eBay and start searching.
OK, shoppers: lock and load!
The pitch: OK, it's a tough to call a $400 gaming console a bargain, even if it packs in state-of-the-art graphics and a Blu-ray player. Still, that's how Sony is pitching its new 40GB PlayStation 3, which went on sale in early November. This 40GB model is, indeed, considerably cheaper than the original $600, 60GB PS3 (now discontinued) and the newly discounted 80GB model ($500), but there's a catch, as you'll see in a moment.
What you get: The PS3 console, complete with a Blu-ray drive; a bundled Blu-ray copy of "Spider-Man 3"; a wireless controller; a built-in 40GB hard drive.
What you don't get: The big one here is no backward-compatibility with PS2 games—Sony says that reflects the growing catalog of PS3 titles available, although the selection remains weak compared to the Xbox 360's; also, no cable for connecting the PS3 to your HDTV.
My take: The 40GB PS3 is pricey considering what you get, and there's the matter of the console's lackluster game library and total lack of movie and TV downloads. Then again, the built-in Blu-ray player really sweetens the deal, considering that a stand-alone player costs as much as the PS3 itself.
The pitch: Microsoft is pushing the Arcade—its replacement for the old Core bundle—as a 360 for the family, complete with five Xbox Arcade games and the new parental timer, which turns off the console after a pre-set period of time (I can already hear the howls of protest).
What you get: The main 360 console, of course; a 250MB memory card, good for storing four to five Xbox Live Arcade games; a DVD preloaded with five Arcade games: Pac-Man Championship Edition, Uno, Luxor 2, Boom Boom Rocket, and Feeding Frenzy.
What you don't get: A hard drive, which means you can't download videos or game demos from the Xbox Marketplace—however, you can always buy the snap-on drives later (20GB and 120GB versions are available); no wired headset; no component/HDMI cable for hooking up the 360 to your HDTV (although, again, you can always buy one for extra). No backward compatibility with old Xbox games (unless you buy a snap-in hard drive).
My take: It's not as good a value as the $350 Xbox 360 bundle, which packs in a 20GB hard drive, an HD-compatible cable, and a pair of games, but the Arcade is a good choice for families that want to dip a toe into next-gen gaming for less than $300.
The pitch: A thinner-and-trimmer version of the classic Nintendo DS, the DS Lite comes with a massive library of portable games, especially if you count its backward-compatibility with Game Boy Advance titles.
What you get: Twin displays (the lower LCD is touch-screen); Wi-Fi, good for local multiplayer action; stereo speakers; PictoChat for chatting with up to 16 other gamers.
What you don't get: State-of-the-art (or even last-gen) graphics; indeed, gameplay looks pretty crude compared to the handheld PSP; also, you don't get much of a price break, considering that the DS Lite was $130 for its June 2006 launch.
My take: If the DS Lite were priced at, say, $89, it would be a great bargain for the kids, but at $130, it's pretty expensive for what you get.
The pitch: The PSP was released to huge fanfare back in 2004, yet it never became a big hit like Sony's PS2. Still, it's an impressive piece of hardware with slick graphics for a handheld, and the new, slimmer PSP, released in September, boasts a TV-out port and faster load times.
What you get: A 4.3-inch wide TFT screen; Wi-Fi; an MP3 player; a Web browser; an RSS reader; a solid (but not stellar) selection of games, and a handful of full-length UMD movies; the ability to tap into your PS3 content (if you have one).
What you don't get: A huge library of games; selection of UMD movies is relatively puny.
My take: Both the old and new PSPs are pretty sweet bargains, and the graphics are still eye-popping for a handheld. It's guaranteed to thrill the kids.
The pitch: It's the hottest console out there, and while its graphics aren't cutting-edge—I'd say it's somewhere between the PS2 and the Xbox 360—the Wii, with its motion-sensing Wiimote, is a hit with the casual-gaming set. Unlike the other consoles in this roundup, no discounts are in the offing; however, the bundled Wii Sports is so much fun that many Wii'ers are content with that title alone.
What you get: The nifty, angular Wii console and the Wiimote; built-in Wi-Fi; the much-loved Wii Sports game.
What you don't get: Unfortunately, you may have trouble getting the console itself—Nintendo says it's expecting Wii shortages during the holidays, so you might have to scratch and claw to get one; no HD games; no DVD playback (although that's supposed to change next year)
My take: A terrific bargain, provided you can actually snag one.
And the winner is...
The pitch: Yeah, it's eight years old, but at a mere $129, the venerable PS2 is one of the best gaming bargains around, what with its massive library of classic games and still-solid graphics. Rumor has it that a redesigned PS2 might be on tap for 2008—but hey, that's next year.
What you get: The slimmed-down PS2 console; a built-in DVD player; two memory-card slots; an Ethernet port (a given these days, but worth mentioning on a last-gen console like this); a wired controller.
What you don't get: State-of-the-art graphics; no HD-quality games.
My take: An oldie, but a definite goodie. Talk about bang for the buck.
Got any bargain ideas for gaming consoles? Fire away!
Update: In my original post, I stated that the original PSP was $30 cheaper than the new, slimmer, PSP; in fact, they're both priced at $170 (for the core package). My bad.
