My backlog's gotten much more manageable in the past year or so, what with the transition between console generations. I've now beaten all of my Gamecube games (admittedly made easier by Nintendo's releasing roughly two games a year for the thing throughout its lifespan) and all but two of my XBox games (again, facilitated by Microsoft's abandoning the platform in the middle of 2005 so they could focus on the pending 360 launch). I still have about twenty games backlogged for the PS2, down from nearly forty at this time a year ago. And, since I overbought a little on the day I finally landed a Wii, I somehow have a one-game backlog for that system, a console I've owned for less than two weeks (who knew the Virtual Console would drink so much of my gaming time, enough to keep me from actual storebought titles?).
At this rate, I'll be through my backlog entirely by Christmas, or the first quarter of 2008 at the latest, and can begin looking at the (by then deeply) discounted XBox 360. Unless a lot changes between now and then, I doubt I will have garnered the interest to even bother looking at PS3.
Ah, backlogs.