I'm going to add that playing the waiting game with consoles (buying in the 2nd or 3rd year of release) may become a trend that no longer pays dividends unless the new trend of releasing spec upgraded consoles continues as mid-cycle product refreshes.
Most recent example is the PS4 I paid $399 for back in 2013, which is only a whopping $100 cheaper three years later. That has been the only console I've been using for the better part of those 3 years meaning, I've already milked that console for enough entertainment value that it's already paid itself off.
If I had bought one three years after release, I would have been paying the same $399, only I would be playing a back catalog of games (most of which were picked up through the PS4 PSN Store discounted) on improved PS4 Pro hardware.
You run the risk that a console will tank (also pre-ordered a PSV which saw less than 2 years actual use), but I really don't see the point in waiting past the first year of release to pick up a console, even if it's not going to be your main gaming device.
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