Could be a more common practice in the US if the economic downturn reaches all the way to the bottom. Even then, it's not written anywhere that gaming is only enjoyed on the most current platforms. Last gen consoles can be picked up cheap, the libraries are multiple times larger, just about all of which are available used at cheap prices, not even taking into account all the best hits and discounted new titles.
Traditionally, video gaming has been one of the cheapest forms of entertainment in terms of dollars per hour.
As for borrowing consoles, so long as you have buddies who don't mind parting with their gear, that's fine. Of course why bother buying any consoles or games period if all you want to do is wait for someone else to buy it so you can borrow it?
Renting a console makes the most sense if it's a try before buying situation and partial sense if you just want to play one game and have no objections to being on a strict time table. It's kind of throwing money away once you've returned the gear though. Probably better off just buying it in a few years when it's much cheaper if you have any patience.
I bought multiple platforms this generation because they all have plenty to offer, which has once again made gaming my primary form of entertainment, and also because it's a relatively cheap hobby.
See how far the price of a Wii, PS3, 360 and gaming PC will get you if your hobby is tuning cars by comparison. Answer: not very unless your idea of tuning has nothing to do with actual improved performance.
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