PS4 might be my first. If it comes out next year that thing is taking my birthday (September) wish and Christmas list to get it.

Value is a relative thing. If you have enough disposable income that buying a console at launch doesn't bother you, then go for it. If you're stretching for it, though, then it might not be the wisest decision.

Personally, I've never bought one at launch. The Vita was the closest, this past Black Friday. I care mainly about games, so a piece of hardware doesn't interest me all that much until games that I want appear. I very much doubt that I'll get a next gen console a launch either, especially since I rarely buy the games themselves at full price. I'm quite content to wait for what I want to drop in price.

If anything, the 3DS fiasco has reinforced my tendencies. If I had bought one before the price drop then I would have been extremely pissed off.

I didn't before this gen, but starting with the 360 I've always found an excuse.

360 -> I got an HD ready tv, must have an HD console to go with it.
PS3 -> I already have 6 blu-ray movies waiting to be watched.
Wii -> I already bought Zelda TP, need the system to play it on.
WiiU -> Jeez this gen is lasting a long time, need something new now.

However now I'm full out of excuses if another console launches next year. There must be some pretty convincing launch games to step in right away, especially with the hardware track record of 360 and PS3.
Who am I kidding, the only way I won't get both on launch is if they both launch at the same time. 1080p is the next excuse.

how about one that is more powerful than the current gen systems without a Gamepad to pull it down?

Sometimes...
I buy a WiiU, 3DS XL, and 3DS at launch.
Ps3, ps2, ps1, psp, snes, gc, ds etc2 1-2 years after launched.
It depends on my money and mood.

there is nothing wrong with buying a console a launch.

there is plenty wrong with buying a console at launch and then being upset about what happens a year or so down the road. being an early adapter is always a risk.

Ive purchased all my Playstation's at launch, and will be doing the same for the next gen.........if it ever gets here......

Not after this generation. Too much money for consoles that underperformed or just plain died.

I learn my lessons big time with the PS3 launch, $800+ and nothing really to show for it. I still buy Nintendo consoles at launch though because they never disappoint me and the price is always right. Already bought a WiiU at launch and the next Xbox 720 will be a wait and see situation again. PS4 is a big maybe even if I decide to get one. Vita I bought I launch and its one of the best gaming purchase I ever did.

I have never bought a console at launch. In fact I just got a PS3 recently. Never saw any point in buying expensive hardware, that still had teething problems and had no games. The only exception has been Vita, which I got 3 weeks ago. This console is just incredible and has a lot of great games with a few other must-have titles coming. I'm really shocked by this console. If only the memory cards were just a bit less expensive. I could deal with 50-60 Euro for the largest one, but not more. I hope it picks up steam, cause so far I'm incredibly satisfied with this purchase and I spend more time playing on my Vita than on my PS3 :)