As far as the decision goes.
Its depends if you are living a home with parents (meaning in JH or HS) and just blew 60 percent of your savings then you did exactly what I used to do(save money for months to make this type of purchase) .
If you are on your own and just used the months rent then yes, bad Idea. The way I look at it is which games are expensive, gaming is a fairly cheaper hobby, Yea 60 bucks is a lot in one pop, but most game give you over 100 hours of gameplay if you are a completionist, either way you are paying a buck an hours at most. Now take going to a movie which is usually 9 bucks for a tick movies average 2hours or so, so in that case you are paying 3-4 bucks an hour, and that's not even counting the gas to get to the movie or the fact most eat out when going to a movie. When I take my wife to a movie I spend 18 bucks or so on tickets, 7 on popcorn, then we eat out so at least 30 bucks more give take 10 bucks depending when we go. So for maybe a 4 hour evening I shell out 60-70 bucks.
So my point is in the long run you spend less gaming than many other options.
End of 2009 Predictions (Set, January 1st 2009)
Wii- 72 million 3rd Year Peak, better slate of releases
360- 37 million Should trend down slightly after 3rd year peak
PS3- 29 million Sales should pick up next year, 3rd year peak and price cut