It's good to buy a console at launch to increase likelihood of hack-ability/foreign disc support. If you're into that sort of thing...
It's bad if you actually have real life situations and need to budget your income. The Wii and Wii U are an exception for me because their price point is reasonable for me.
On the other hand, if you have lots of money to blow and aren't trying to move out of your parent's house and are being responsible in helping with their costs, I think it's fine to get a launch console and it be a little pricey.
It's also good to support the economy. If everyone was too stingy, then launches would involve more economy powered consoles, and we would not see as many advancements in technology... sometimes I also wish kids were a little more stingier with their money though, we would stop getting silly rehashes of the same game and actually see pressure for more creativity in the industry.
So yeah, pros and cons all around!
