7th gen was my first gen where the console war started. I started gaming around 2004, so I missed the boat on the beginning of the console wars.
My advice is to get the consoles early because if you get them too late in the gen, you're going to be playing catch up.
Also, I would hold off at least a month on most game purchases to avoid gamer-hype. For example, I doubt most people would've bought Watch Dogs if they waited a month first.
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