it's good, and bad.

Good= New exciting console to experince
Bad= No new awesome 1st party/3rd party games out yet.

i want a wii U mostly jsut for pikmin 3 and the other first party nintendo titles so when ever they launch pikmin than i will get a wii u

It's not always no first party games.  I enjoyed the hell out of Resistance (3rd party I know) and Motostorm (even with limited modes and PR was much better).  It was the next year until Uncharted and Ratchet came out that bothered me.

Xbox 360's failure rate and the PS3's initial price point are proof that buying at launch is a bad idea.

Sony to mature? Dude, don't draw a rule about company just by how it's latest product is doing. PS3 and Vita had smaller or bigger problems at launch, but I can't remember PS, PS2 or PSP to have such problems. They struggle, cause Sony does it's uttmost to give us cutting edge consoles. Plus, this is Sony and they will fight through the bad weather! They did it with PS3, they will with Vita. What is more, we have to face the facts that when it comes to Sony, the launch versions of consoles turn out to be the best ones. I have a feeling that should they redesign the Vita, it will be made cheaper (just like the PS3 Super Slim), so that it can compete with the price of 3DS, and hence a new Vita will be worse then the current one (moreso since I can't imagine them improving this console!). Hence, guys - go get a Vita while it's so bad @ss! ;)

Last 4 consoles (Wii, Wii U, DS, 3DS) from Nintendo are safe bets, because they offer us previous generation hardware. That's why this stuff doesn't break down, is relatively cheap and get's some games early on. Hmm... Come to think about it, Nintendo destroyed the console market by doing this. We won't be getting cutting edge consoles anymore, since cheap previous gen N consoles sell good on launch, while the cutting edge stuff is more expensive, harder to write games to and loses in the beginning, which threatens the existence of a console. The only solution would be to sell powerful consoles on a contract (PS+/Live), but I doubt Sony and MS want to take that risk in current economy.

Incidentally I got a PS1 at launch but I was 5 at the time, so it wasn't my choice!

Never bought a console at launch since. Getting my Vita this year is the closest I've come to it, although that was still ~ 10 months after launch (and I saved like £80 from doing it).

Doubt I will either. I'm a bit of a retro gamer so I'm always playing catch up with stuff I've missed. I've got a list as long as my arm of things I want to play at the minute so there would me no point me getting a PS4 or Wii-U any time in the near future. Plus it's getting harder to find time for gaming these days!

I think its ludicrous to buy consoles at launch, they're costly, have poor game libraries and the games are technically underwhelming and teeming with flaws.
The consoles themselves are also often of poor build quality and have many problems with the hardware.
For me, there is not a single reason to buy any console at launch and I never did.

Clearly bad.

No games, high price, shitty bundles, better versions of the system come out later, bascially the first bunch of people that buy the console is beta testers if anything goes wrong with it (like the RROD) they'll have to deal with it and it'll get fixed later on.

If nobody buy a console at launch the console will disappear

I give it 1 or 2 years for the price to lower, hardware revisions to be announced or released and for more games to come out.

I want to get the PS Vita, but I'm worried a price cut or hardware revision will be round the corner.

The Wii's launch wasn't bad, but it's only "must have" title was Twilight Princess, which was available for the Gamecube anyway.