The fact that ANYONE would pay insane amounts of money just to get bragging rights of getting the first production run of gaming hardware proves that there a LOT of stupid people in this world!
When my kid was younger, I had to resist caving in to the pressure of trying to obtain the hottest toy on the market in time for Christmas...Tickle-Me-Elmo, Furby, Cabbage Patch dolls, etc. Fortunately, she was not wildly interested in obtaining any of the above, so I would buy them several months later for her birthday, during which, the same toys could be had "en masse" at a deep discount.
We play video games sparingly at home when time permits, and we aren't game junkies in any sense of the word. I do remember years ago on the day the XBox was launched, I had been cruising the local CompUSA, and allowed my daughter to play some of the demo'ed games on the display unit. An associate walked up to me and offered one of the two that were on hold in the back. Turns out the buyers that pre-ordered never showed up to pick up theirs. So I purchased one on a whim. No waiting in long lines in the cold, no late nights outside, no bruises or scrapes from fighting to scramble for the prize...just got one handed to me, paid for it, and took it home.
Even THAT was overkill, as the units sold for $100 less six months later AND came with a couple of free games!
I resist the frenzy these days.