GOD YES YES YES YES YES AND YES
There's never been a better time than right now! Since of the artificial retail shortages Wii's current resale value is through the roof, it's probably even more than the price of a new one. It's bound to last until early April based on what Fils-Aime said. And now 360 warranties have been extended to a full year, so if yours bursts up in your face you won't end up with nothing but some useless chunk of plastic. Also, systems now bear the quieter BenQ DVD-ROM drive, so the intolerable DVD whining noise should be far less distracting than previously where you could end up with an LG drive that sounded like some muffled hair dryer. Not very agreeable to play a quiet game like Oblivion in these conditions.
Right now there's very little but shovelware being released on the system and it's a situation that will keep going for a very long time. Not to mention that the near totality of games use the Wiimote terribly. In a few years when the system has a bunch of decent Nintendo titles and when it's discounted, then it'll be a good time to buy it again.
On the other hand, 2007's 360 game line-up is boner-inducing!
I'll troll every future thread of yours like a maniac if you don't! And randomly spam spoilers of the games you play in your PM inbox with joke accounts!