Do you buy consoles fairly late into their life cycle?

I'll buy a Wii or 360 when they become cheap. 

yes, all the time. you never know the problems that the system might have. the xbox 360 had that problem when it came out.

I didn't get an xbox 360 until Bioshock came out- most of the games that came out before that I haven't gotten around to playing (along with a few dozen games that came out after Bioshock, while I was still playing WoW. It's a shame- right now money isn't really the issue for me- it's time. Next generation, I'll be buying the consoles at launch, and trying my best to keep up with the games as they come out- the back-catalogue. I wish I could play is enormous and intimidating (much like my penis, to the ladies).

EDIT: I wholeheartedly apologize- I don't know what came over me.

I got my PSX 2 years after launch

I buy consoles whenever I can afford them.  that used to be late in the life cycle when I was a kid and had to ask for them as Christmas presents...but now as an adult with a job, it can be fairly early in the cycle or somewhere in the middle.  About the only thing I wouldn't do is a day one launch...that's just asking for frustration.  I can wait for the lines to die down.

I got my PSOne after the PS2 was already out.

" I'm retarded and have too much money.

The most dangerous combination.

"

I bought my xbox 360 when Modern Warfare 2 came out.    I got that special edition console.     I mostly don't use it other than to play exclusives like gears of war and halo... and some xbox live arcade games.

I tend to buy them a couple years in. Most launch lineups are terrible anyway, so there's not really much point getting a system at launch.

I'm typically an early adopter, but nowadays I see very little reason to get something when it first comes out.
The hardware could be faulty, there will be a better version down the line, expensive, very few games worth playing right away, good games still being released for last generation, etc.

I could (and probably will) change my tune once I see the next Xbox and Playstation, but right now I'm feeling like I won't buy any new consoles, including Cafe, until I've played all the games I want to play this generation and there are a decent amount of interesting games for the new consoles.