I always thought the real fun in having a console would be to have local multiplayer fun when you have a few buddies over.
But then I realized that it wasn't worth the money, when you could do this with your PC. Just buy two-four cheap Saitek gamepads and get the xbox controller emulator (x360ce). You'd be surprised how many PC games can be split screened:
Kane and Lynch
Unreal Tournament 3
Left 4 Dead 1 and 2
Not to mention other games two ore more plays can play on one computer:
Pro Evolution Soccer 2k10
Bionic Commando Rearmed
This is provided that your PC is your media player (i.e., hooked up to your TV). Trust me, those games are more than enough fun to play with your buddies if needed. Plus, not only do you save 200 bucks on a console, but you also save on games (Some I bought, i.e. Left 4 Dead 2 and Trine since those are fantastic games).
I honestly don't believe there are any games that justify dropping a few hundred on a console.