I'd wait also. I have been tempted after seeing them back on store shelves but $600 is a huge price to pay. The games will get better with time and the price will come down even if it is only $50 or $100. If you don't have to have the latest and greatest right now then hold off.
I'm waiting impatiently for a Wii. I want one more now that I can't have one. I know it's not as good as the 360 or PS3 in terms of graphics but the interactive nature of the Wii looks so cool. Anyway, I still play games on the PC platform so I'm covered for now.
Flashback: I dug out my old Playstion just for kicks. It is the original before they numbered them. It was really sad. I think the whole shebang is going on eBay.