PS3 still has a bunch of awesome exclusives and will be supported till 2015 at least Sony said.  PS4 doesn't have BC and I wouldn't trust cloud tech depending on your area.  Great time to pick up a console is near the end of its life when its cheap and so are most of the amazing games on it.

My option would be to get the PS3. It still has life in it, and probably will still have next year if rumors like GT6 and FFXV are true. also because if you want those exclusives you need to because the PS4 wont have backwards compatibility.

I would say get a ps3 because it has nearly 5 times or more exclusives than 360. Also you can wait till ps4 and cloud stream your games for a few dollars a month = PSone, ps2, ps3 games in higher quality. Cloud streaming is the future of backwards compatibility. Or if you want a Wii U get it latter on when a descent Zelda or Mario game comes out. One more reason why no to Wii U is the is the tablet controller like nearly $200? Also you would be using Wii motion controls that are now ancient technology for games.

Wait for more games to be announced

The first option is the best, seems like an amazing deal for 200$.

I option 3 sounds the best, but take $30 and get Gears I, II, and III that should keep you busy for a while. You can find them all for that price. That way you can have lots of fun now, and you will have something for the fall when 2 more contenders for Next Gen are likely to arrive.

put it in the bank and wait for ps4 or xbox720 or keep it for the summer so you can entertain some fly bitches

Just save it for now and wait until the end of the year to invest it into next gen. No point in buying a new console now.

I would sit on that money until the PS4 launch. Definitely.