Not at all. There will be plenty of games out that I want to play before there will be any hardware price drop, and if it's the same for you go ahead and buy it now. Besides, there will be a least a couple of interesting downloadable games right out of the gate, so even if you don't get a full priced game at launch there will still be some options.
If you hang around and wait for "system sellers" and price drops you'll end up missing a few hidden gems. As long as you budget properly I don't see anything dumb about what you're doing.
Plus, I think there's something to be said for the zeitgeist of a new console launch. I have fond memories of being in on the ground floor for new console launches going way back into my childhood.