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I'm personally very interested in the Xbox 360 and definitely getting one eventually, but there are a number of factors that are holding me back.

-It costs too much. I'm literally under the poverty line and have so far been buying used games for my used Gamecube and Xbox. I'm seriously worried about what I'll eat after the 4 major first party Nintendo games come out this year (SPM isn't out here yet). =P

-I hear the early models have loads of problems like being obnoxiously loud and bricking all too often. I understand they are working on adding quieter DVD-drives and the 65nm chips, and will definitely wait for the fixed version.

-I don't have a HDTV, and getting a HD-enabled console without one feels dumb. I'd be paying good money for a feature I'd have no access to, and some games are just unplayable in SD. For example the text in Dead Rising won't show up, and Gears of War was too dark to play when we tried it on a friend's SDTV, although the latter might just be because he had a crap TV or something.