Over here most games tend to get released in the £35 - £60 ($70 - $120) range. I'm a student without a job so I always wait for them to come down in price before I buy. I haven't spent more than £20 on a game this generation.
A lot of people are happy to pay launch day prices to get the game as soon as it comes out but personally I don't mind waiting for ages til it comes down in price.
Are you willing to pay top prices to get a game on launch day or do you prefer to wait? What's the most you would pay?