I had a first gen PS2 for over a year and transported it every weeknd to my cousins house where we sometimes played it for like 30 hours or more over 2 days, and I never had one problem with it. I ended up selling it after I got married
and it worked fine up til then.
I have now had the Slim version for about 1 year and I don't get much chance to play but it has always worked fine.
But I do agree that waiting awhile for the price to drop and the bugs to be worked out is certainly a wise decision. But if I had the time to play and the money to get it, I'd probably buy the PS3 ASAP.
As far as Wii, it looks cool and the price is better, but I kind of have a prejudice against Nintendo, just seems kinda childish to me. I am kind of intrigued by the controller idea, though.