It certainly pays to wait now. Personally I bought Driveclub for the PS4 last week for the UK price of £24.99 which is almost 50% off the original RRP. And for the waiting, I now have a game that works as it should rather than paying nearly £50 a couple of months ago to beta test it. Same for Alien Isolation. Bought that last week as well for £25, again nearly 50% off and a few patches later the game is close to perfect.
There is literally no point now buying games on day one because it pays to wait it out both in price and in functionality of the final product.
That said, I don't think game prices are unfair at all. They are a damn site cheaper these days than they used to be. When I had an 8 bit console I was paying £30 for new games back then which equates to over £70 in todays money.
Typical 16 bit games from the likes of Megadrive and SNES bumped the price again to the £40 mark for new titles and that in todays money again is over £70. So since the 16 bit days prices have in fact come down quite a fair way.