The PlayStation 3, the new video game console from Sony, hits stores on Friday. It's also expected to disappear from stores on Friday, and will be perhaps the most elusive gift this holiday shopping season.

Sony PlayStation 3 (60-gigabyte hard drive) with SIXAXIS wireless controller

The game machine is the follow-up to the phenomenally successful PlayStation 2, which has sold more than 100 million units worldwide since its release in 2000. The third generation PlayStation, with a minimum price tag of $499, provides a massive graphical upgrade (all games will be in high-definition), a faster processor and a Blu-ray disc drive that can be used for both games and HD movies.

Despite a series of public relations and technical blunders leading up to the PS3's release, there's no doubt that the powerful console will be an instant sellout this week, with some stores opening at midnight Thursday. Some customers already are lining up at retailers to purchase the system.

Sony has promised about 400,000 consoles will be available around the country on the first day, with replenishments arriving regularly through the end of the year. But if you're one of the vast majority of shoppers unable to find a PS3 this year, there's no need to go on an eggnog bender.

Because for all the hype, there are reasons why you might be better off waiting a few months to pick up a PS3.

One, every console launch is generally accompanied by a weak portfolio of games, with quality titles showing up months later as developers sharpen their skills.

Two, Microsoft admitted that its initial batch of 360s had a higher-than-average defect rate, and it wouldn't be surprising if the PS3, like many new technologies, went through some of the same growing pains. Sony acknowledged Tuesday, for example, that about 200 original PlayStation and PS2 games right now cannot be played on the PS3. Software updates should be enough to fix the problems, but the glitches illustrate the risks that early adopters face.

Three, there are plenty of good alternatives, from Microsoft's well-established 360, to the less expensive and more plentiful Nintendo Wii, to even the venerable PlayStation 2.

High demand

According to research firm Compete Inc., 63 percent of PS2 owners are considering buying a PS3.

Eager gamers started lining up outside stores nationwide for the console as early as last week. In at least one instance in California, police had to shoo away those hardcore fans since the launch was still a week and a half away.

Other retailers, such as GameStop, hoped to minimize the launch-day madness by letting consumers put a deposit down for the PS3 weeks ago. Those pre-orders evaporated within minutes.

Then GameStop said this week that it won't have enough PS3s on launch day to satisfy all the pre-orders, which means the odds of finding a PS3 sitting on a GameStop store shelf before 2007 are tiny.

Sony is doing all it can to make sure nearly every console it builds ends up in the hands of gamers (Or, at least, eBay resellers. As of Tuesday, bidders had pushed the price of systems north of $2,000 on the online auction site.). Even the Sony employees who designed the PS3 and its software are being told to queue up with everyone else.

"We've got guys that are going to be in line starting at 11 o'clock on Wednesday night," said John Smedley, head of Sony Online Entertainment, which built the online services for the PS3. "Just because we're Sony doesn't mean we get them any earlier."

While the frenzy around the PS3 is undeniable — and likely surpasses the excitement around last year's equally stingy launch of Microsoft Corp.'s Xbox 360 — there are alternatives for gamers and parents who come away empty handed from their PS3 hunt.

One option is the 360.

Microsoft, having worked through all its supply difficulties, is determined that the 360 should be fairly easy to find this year.

If you already have a 360, or aren't interested in that system, Nintendo is also happy to help. The Nintendo Wii (pronounced "we") is much different from the cutting-edge PS3 and 360, and is expected to be in much greater supply this year than the PS3.

The Wii is built around its innovative controller, the Wii remote, or so-called "Wiimote." The wireless controller is motion sensitive, which means that in a tennis game, for example, you swing the controller like a racket, or, in a shooting game, point at your target on the screen and fire.

The Wii hits stores Sunday, two days after the PS3.

Last but not least, if you still haven't tested the last generation of games, the PlayStation 2 is still a vibrant console. And, at $129, it's much less expensive than any of the newer consoles.

The Wii is the most affordable of the new systems at $249, while the Xbox 360 is available at either $299 without a hard drive or $399 with a drive. Most gamers would say that the hard drive is a must-buy for the 360.

Finally, the PS3 rings up at either $499 with a 20-gigabyte drive or $599 with a 60-gig drive. That is a stupendous price tag, no matter how you slice it, and it will take a lot of casual buyers by surprise.

According to the Compete study, almost half of consumers thinking about getting a PS3 assume that it costs $300 or less.

But you do get a lot of hardware for the price, including a high-definition Blu-ray movie player. That technology was developed largely by Sony, and the 50-gigabyte discs can hold full-length HD movies, as well as games.

The Xbox 360 only plays standard DVDs, although a separate HD-DVD movie drive (a technology that competes with Blu-ray) is available for $199.

Many consumers have been reluctant to purchase standalone Blu-ray or HD-DVD players, since they are competing technologies and no one wants to invest in the losing format and get stuck with obsolete hardware.

But if the PS3 is anywhere near as popular as the PS2, Sony's Blu-ray format could be the winner almost by default.

Assuming, that is, that Sony can make enough of the consoles to keep up with demand.

Victor Godinez took the PlayStation 3 and the Nintendo Wii for a spin this weekend. Below is a critique of each system and how they compare to the standard for next-generation consoles, the Xbox 360.

Sony PlayStation 3

PS3
Visual appeal: Large, black and chunky. A fingerprint magnet. This thing commands attention.
Setup: Once you get all the cables plugged in and rub your finger over the on-off touch panel, you'll need to download and install an operating- system update. After that, game on.
Menu navigation: The cross bar is the same system used on Sony's PSP. Looks cluttered, but all options are there.
Playing a game: Insert the disc, and away you go. Hit the PlayStation button on the controller to return to the menu or turn off the console.
Controllers: The SIXAXIS controller lacks rumble or force feedback, but can sense motion. Not all games support motion control. Looks and feels like the PS2 controller, but lighter and wireless.
Multimedia: It has a variety of memory card inputs for video, audio and digital photos. But a built-in Blu-ray movie drive is the trump card.
Accessories: If you have a high-def television, you'll need to buy a separate HDMI cable for best picture quality. The console comes with crummy composite cables.
Online functionality: Sony has said that it will not charge for online gameplay, but other publishers could. Eventually, downloadable movies, music and TV shows are likely, in addition to game demos and videos. It can also browse the Web out of the box.
Price: $499 with 20-gigabyte hard drive; $599 with 60-gigabyte hard drive

Nintendo Wii

Nintendo Wii
Visual appeal: Small, sleek and unobtrusive. About the size of three DVD cases stacked atop each other. Mounting it on the optional stand adds some flair.
Setup: Hello, sensor bar. This thing detects the Wii controller's movements. It can go on top of the TV or in front. You must install the sensor bar before you can start using the console.
Menu navigation: Use the Wii-mote to point and click. The controller vibrates when you move the cursor over a button, a neat effect.
Playing a game: Select the game disc from the menu to play. After you've finished playing, a little diary records your daily gaming history. Cute.
Controllers: Wii-mote is the biggest gamble in the games industry today. But it’s comfortable to hold, very precise and the speaker and rumble effects are cool.
Multimedia: No DVD movie playback, but it can support music and photos through external flash memory cards.
Accessories: You’ll probably want to buy a second Wii controller. Multiplayer games are likely to be the Wii's forte.
Online functionality: Online play also is likely to be free, but forming buddy lists requires friends to give you their "friend codes." A Web browser is coming.
Price: $249

Microsoft Xbox 360

Xbox 360
Visual appeal: Elegant and clean. The "Ring of Light" on-off switch is still stylish, although most of the after-market faceplates just look garish.
Setup: Nearly identical to the PS3. Software updates will also be required for new buyers.
Menu navigation: The Blade system is visually arresting. Recent updates have eliminated clutter and sped up load times.
Playing a game: Plug and play. The Xbox Guide button on the remote shows what your friends are playing and lets you play music or turn off the console.
Controllers: The wireless controller sets the bar for standard game pads. Heavier than the SIXAXIS, but perfectly shaped. Rumble, but no motion detection.
Multimedia: DVD movies are playable out of the box. Digital music, photos and videos can be streamed from a Windows XP PC. An optional HD-DVD movie player is available ($199).
Accessories: Hard-core online gamers will want the new wireless headset.
Online functionality: Xbox Live is the best online console system ever, but there is a monthly fee. Movies, shows and other media will be available for download starting Nov. 22 to complement current game demos and trailers. There's no Web browser.
Price: $299 with no hard drive; $399 with 20-gigabyte hard drive