I like midnight launches. I've waited outside late at night, for hours in some cases, for the original Xbox, Xbox 360, Wii, WiiU, and oddly the Wii Fit. I think the only advice I can give is to check with the exact store you want to purchase your console at on the day before the launch. An associate or manager should be able to give you the number of systems that the store has, so when you line up later, you can count how many systems are already claimed so that you won't leave without a console.
The PS3 launch in my area was the craziest launch I have ever seen. We went to the same Circuit City where we had waited for 14 hours for the 360, but never even got out of the car. Security had created a perimeter around the store, and the store was not allowing anyone to line up at all. This resulted in roughly 80-120 people lined up across the street, waiting the the perimeter fence to be moved so they could rush the store, which had only around 10 consoles to sell. It looked like a scene from Braveheart, with the potential console purchasers lined up like the Scottish army, waiting to rush the English army in battle. I don't think you will see anything like that this time around.
Maybe I am wrong, but it feels like you will be able to just walk in and buy an Xbox One early on launch day. I wouldn't suggest that as a strategy, it just feels like demand will be lower than even the purposely reduced supply level. PS4, on the other hand, has sold out pre orders faster, which may mean that the supply will be less, possibly much less, than the Xbox One. It might also mean, as the email from the Target employee on the Bombcast said, that Sony wants to make sure there are plenty of consoles available in stores at launch, maybe to avoid scenes like the one I described above.
Personally, a few friends and I are thinking seriously about driving a few hours to NYC and trying to get a launch PS4 at the Sony Store in Manhattan. Might be crazy, might not even get one, but will definitely have a blast up there. The smartest plan, however, is probably to check with a lower volume Walmart, Target, or Best Buy, then line up at least 2 hours early.
Good luck!
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