I'm definitely getting one at launch. I've been waiting and plotting for the day since E3.
About the bundles, god do they suck. I wouldn't want anyone to buy them honestly. Don't pre-order at all, it's more or less a waste in my experience. Go to one of the midnight sales or be there at opening time on the 22nd if you want a 360; there are several stores not doing pre-orders for them, like Best Buy and Wal-Mart.
This past generation I finally got back into consoles. I had been away for a tad following the PS1 launch. I eventually invested in all three systems, and how I ended up using and/or regretting the systems has decided my spending plan for the future. I played the Xbox constantly, PS2 for two games, and the Gamecube for one game (but RE4 almost made it worth it...almost). The Playstation and Gamecube are consoles I have affection for, but they just didn't have much of anything I wanted to play this gen. The Xbox did an amazing thing winning me over; I had considered the whole idea of a Microsoft console a joke, and unless a friend had bought it I would have never given it a chance.
As far as waiting for a price drop goes, well everyone is entitled to their choices. I used to be of the same mindset, but I started thinking about what it really gains me. I came to the conclusion that waiting a year to save $100 wasn't really worth it, if you're missing out on playing games for a full year of your life, and shaving off 20% of the console's life, for a savings of $8.30 a month.
Of course, that's for something you really want. If you're lukewarm on the whole idea, the way I am with the PS3 and Revolution, I guess it doesn't hurt anything to wait. If I had paid $300 to play my two PS2 games, I'd have been pretty annoyed.