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.
