I bought one for my husband for Christmas. If you want some reasons for not buying one, here they are:
1. They do not play all the games available to regular XBOX. The patches are not all made yet, so if you really like some of your old xbox games, you still need to maintain all the platforms. For those with patches, you need to download them to your xbox, which means you either need xbox live, or have the capability of burning them.
2. A lot of XBOX 360's were having issues of overheating, they need proper ventilation, etc.. etc... We have not had this problem, but some of our friends complained about whirling noises and such.
3. Not a huge selection of games out there yet. I haven't been wow'd by too much either. The graphics on some of the racing games are amazing, better than rl (oh wait... need to focus on the negatives). Not good selection on games.. yeah that's it....
Uhmm.. that's all I can think about. I think they will be worth while in a little bit after the market has shifted a bit more. I still think it's a regular XBOX market for a while. Not to mention, I don't know how readily available the XBOX360 is right now. Hopefully, they fixed all those problems.
Good luck! And focus on what's important! GRADUATION and HANDBAGS!