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You actually pose a difficult question which intrigues me I usually calculate per game.

Console $300 with five games included.
Live service $66 spent
Games purchased new 7 cost 60$
Games purchased used 3 average cost $12
Download content 2 average cost $12

Total cost $846.

True value Console+20 games+HDVD player.

Average hours played per week 25.

Number of weeks 80

Total $2.36 per/hour

I am quickly getting my moneys worth on my 360, but ironically I am doing better on my Wii being that I did not purchase the console or the first game for myself. I am averaging $1.80 with only three game purchases, and a hundred hours play total. Were I to have actually purchased the console and the first game I would actually be closer to $5 per hour of play. So that is some expensive kicks. I do not think I have ever gotten so little use out of a console.

I would say my average best value in consoles would have to be the N64. Which raked in over 6000 hours of use over twenty games in five years. Which equals out to all of 20 cents per hour. For those familiar with dollars that is $.2 per hour I have such a long way to go.