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Another reason is the exclusive franchises the system has such as zelda, mario, star fox ect. these can't be found on any other system, and it makes a change from the wave of conversions the PS2 and x-box seem to get from each other.
I just hope they have the machine back in stock by the time I decide to get a cube.
Anyway, at the moment, he prefers the cube, and there seem to be lots of exclusives that you won't be able to play on other consoles.
Guess you have to weigh up whether it's worth it to own your own console, have the exclusive games, and stuff, see if that's worth the cost of the machine to you.
Will you be in the same group of consoles next year?
And are you at lancaster uni? (Long shot, would be a bit of a coincidence, but you never know)