The economy being what it is, companies are quickly figuring out consumers don't have the same kind of disposable income to toss around as they used to. Nintendo caught on fairly fast after launching its 3DS console for $250, prompting the game maker to take a mulligan and readjust the price to $170. Here we are nine months later and the 3DS has notched over 4 million unit sales.

U.S. consumers spent in the neighborhood of $4.2 billion on gaming hardware, software, content, and accessories in the third quarter of 2011, an enormous amount of cash on its own, but down 11 percent compared to the same quarter one year ago, according to data released in NPD Group's U.S. Games Market Dynamics report. There are some interesting trends taking place when breaking down game related spending.

So much for a smooth roll out. Sony launched its PlayStation Vita handheld console in Japan over the weekend and is already being inundated with phone calls from frustrated gamers dialing in to complain about various issues from system crashes and lockups, to unresponsive touchscreens. The number of complaints doesn't bode well for the Vita.

It's been quite a year-and-a-half for Microsoft and its Xbox 360 console. In the past 18 months or so, we've seen Microsoft launch the Xbox 360 S with new a new style controller, the Kinect come out, and another major Dashboard update, this time with voice controlled navigation and support for tons of apps. Given all these newfangled additions to the 360 platform, it's no wonder Microsoft isn't in a rush to release an Xbox 720 (or whatever it will be called).