I dont know if i'll be getting it when it launches on the first day, maybe if theres a price cut or something cause $170 is a lot

Hmm, that's true. So everything should work out. 

@Zucas

It does only come with one guitar. The person with the guitar can pick between playing base and regular. You can buy the separate guitar but it seems like it's a waste to me, since fingers, feet and voices get tired. A rotation works so much better than 4 instruments.

Well, this is the special edition that comes with the game, a guitar, a mic, and drums. You could just get the game which should be $49.99 and pick up an instrument (don't know the costs for that though). And if you have a mic alread, it MAY wor (not sure about that either).

oh man. if only i knew this three days ago. i just bought guitar hero for wii. if i knew this then i would have waited and gotten rock band instead of guitar hero. thanks for telling me this today rudyrsr8!! now i will have to wait until christmas to play it.

One big question is, Will Rock Band be able to play using the GHIII controller which is far superior for all platforms. I hear online and from friends how the Rock Band guitars wear down easily. If I can play with my GHIII guitar I am for sure picking this up.

 im pretty sure that's untrue. link please.

That's a question I have too.  I already have a GH3 Les Paul, and I'm likely to buy another for co-op play.  I'd love to pick up Rock Band standalone for the Wii and a drum set and have everything I need.  Hopefully EA and Activision can stop butting heads over the guitar compatibility issue like they have on the PS3 version.

 http://blog.wired.com/games/2008/02/nintendo-will-b.html

Edit: Damn, beaten.