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I am going for Wii U

From the reported release dates of games cross gen games, I would be surprised if the PS4 launches before late November, I am guessing a UK release date of 15th or 22nd (because those are the 2 dates I am away) of November at the earliest. Watch_Dogs has been announced as a launch game on the 22nd, so the most realistic actual scenario is a launch after then in North America, maybe earlier in Japan, and then hopefully a European release around the same time. This means that globally, there will only be 1 month of sales.

There is also a good chance that the console won't make it this year in all territories. This means that the console is going to have a heavily supply constrained 1 month to sell before the end of the year.

The Xbox launch is more up in the air, but the latest rumours are suggesting it won't even make it this year. I wouldn't count on that, but it is hard to predict what kind of buzz it is going to have going into launch without even seeing it announced. At the moment, the PS4 seems to have more excitment around it, but it is impossible to predict what that will be like going into the holidays.

I don't really know what the HDer twins will do in terms of launch titles. I don't think that either will want to be 2nd, but equally I don't think they are going to launch on the same day, I think they all know that it is not a sensible idea from a purely practical basis. Having said that, I would be surprised if they weren't both released in the USA in November, so I think the 720/Infinity/Fusion is going to have similar timing issues to the PS4.

I think the Wii U is far from dead and with some big games and an extra 2 months in which to sell, I think that it is the safest best to back