I'm well into this generation, which coincided with me beginning to earn a decent living wage. I've got a Wii and a 360Elite, with all the requisite Wii Wheels, Classic Controllers, 360 Keypads and Live!Vision cameras one might hope for, apart form the scarce balance board (which my missus is willing to go halves with me on when you can get them). I've no PS3, so no Bluh-Ray or Motorstorm for me, but I can live with that, frankly. I've listed the announcements that made me want the thing they were announcing.
So then, Nintendo things I want, priced for everything but the games (at an assumed £35 or so) each:
Animal Crossing (+ WiiTalk or whatever @ +£30 on the game price?)
GTA DS (I've got an R4...)
Wii Sports Resort (+£30 for the 1:1 plugin)
Another 1:1 plugin so's I can play the missus/ a mate £30-35?
A balance board for all the other stuff £35 from me
Wii Music
Wii Sonwboarding
Wii Star Wars (If the wiimote functionality is better than the 360's Hi-Def)
Total: £120-135 (excluding game purchases - there's always going to be a few games I want announced at these things any system)
Xbox 360:
GoW 2
Banjo XBLA
Too Human
FFXIII (Not liked one since 7, but I'll be giving this a go, maybe secnd hand)
Resi 5 (I'm a white supremacist and so on)
Fallout 3
Fable 2
Fallout XBLA
1 vs 100 XBLA
Geometry Wars 2 (squee - loved Galaxies on the wii but my new hi-def telly and 360 made me lov it a bit less - 360 control and resolution ftw, Wii levels ftw - GW2 should be the ideal compromise).
Galaga Whatsit - if this is close to Space Invaders Extreme, I'm going to have a third pillar to my 360 shooing to back up Space Giraffe and RezHD.
Portal XBLA
South Park
Install games to HD - anyone with a big hard drive can have noiseless GTA4
New interface - w00t
Avatars (Miis bore me now - want more)
Netflix
Total cost above and beyond cost of games/movie expenditure: £0
Now, I'll grant you there's more to spend on titles on the 360 (although many of my must-haves are on XBLA) but Nintendo are asking me for a big hardware spend to get a few more games (and I've not really played Wii Sorts or suchlike much ayway) while I could otherwise get Rock band 360, thus being able to get all the 360 Guitar Hero titles cheap (I have GHIII on Wii, so no achievements, other games I can use the controller on) and the DLC for both, and future releases.So I'm not sure.
If I spent not one penny, no games, nothing, Microsoft are giving me two good reasons to be happy in the new interface and hard drive installation by choice, while Nintendo are giving me fuck all.
I think most of my money is going 360-wards. I'll splash out randomly on my pick of the Wii stuff, but use it little, I imagine, and regret it slightly as a result, though I'll love owning and showing off what I've got Wii-wise.
/edit and Gridrunner+++ for XBLA if Jeff decides that is what he's doing (He's open to exploring a Steam release). I've played it, a few months back, and if it hasn't been broken in the meantime Space Giraffe bitterness is certain to dissipate amongst grumblers. More immediate, easier to see and still as wilfully innovative and hardcore as other Llamasoft stuff, what I liked about it was summed up recently 'over there' by someone who stated "You are the bullet hell source in this game, not the enemies". Not verbatim but that is about right.