The one bright spot? The nine year-old Playstation 2, which managed to outsell the PS3 by roughly 500,000 units despite being older than some of its fans.

Part of the system's continued success can be attributed to the ailing economy. At only $99, it's a significantly cheaper alternative to the entry-level Xbox 360 ($199) and Nintendo Wii ($250), not to mention the still inordinately pricey Playstation 3 ($399). Adding bang to the buck is the system's massive library of highly-rated, value-priced games, which includes seminal titles from huge franchises like Grand Theft Auto, God of War and Final Fantasy. The PS2 also boasts the ability to play DVDs, which, despite Sony's efforts to promote its hi-def Blu-Ray technology, remains the industry's leading format (though video game sales outperformed both in 2008).