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(I reckon £200 with Monkey Ball)
The N64's games were only more expensive because of the expensive cartriges.
Optical disks are nice and cheap and will allow Nintendo to price their games competitively.
If you fancy a change and want to wait until March, then there's only the Gamecube or X-Box coming out then.
Personally I switched from the 32-bit PSX to the 128-bit Dreamcast, which is holding its own against the PS2 at the moment, and has about 300 games already out there for it. That will tide me over until March when I'm seriously considering the X-Box.
As for price, Nintendo have yet to announce the Gamecube's launch price, you need to factor that, I think £200 to £250 would be realistic, then bear in mind that Nintendo games are usually about £7 more expensive on average than their rivals.
X-Box will probably launch around the £300 to £350 mark, but has a lot more extras built in, like the hard disc for storage and the DSL modem adaptor.
Both have decent lineups of games, so it's a tough choice.
Wait for the Gamecubes launch in February.
By then, you'll have a clear idea on what to pick (the PS2 will also have cut it's price by then.).
Most of the PS2's best games (like MGS2, Red Faction and Onimusha) are being made by companies who are also making games for the Gamecube so this would logically make the Gamecube better.
But unfortunately real life doesn't quite conform to this logic as there are often complications involved. You'll have to wait and see.
Predicting the outcome of the console wars is like trying to predict a game of Chess after just 5 moves.
Sony have lost a lot of pieces but have managed to get into a pretty good position.
Nintendo have hardly lost any pieces but haven't fully deployed.
Microsoft have lost no pieces but are in a pretty poor position with big gaps in their defenses.
Who wins is basically our choice.
Even really first class made consoles can be rejected by the republic to fail and die horribly (the Dreamcast).
I'm rambling on here...
An N64?