Now, granted, the calculations for that $1,710 quote we gave are unscientific. Your final price might be lower. But it could also be significantly higher. Let's break it down.

Figuring it's better to budget too much instead of too little, we went with the $399 price for the Xbox 360. And following Taylor's guidance, we'll assume nearly $60 per title.

To see your new game in all its glory, you're going to need a high definition television. Microsoft, after all, has insisted all Xbox 360 titles be high-def compatible -- and it's a safe bet many, if not all, PlayStation 3 games will follow that lead. If you've already got a HDTV, you're all set. If not, the average price these days is around $1,000, according to the Consumer Electronics Association.

You'll also need a surround sound system to make the most of the audio effects that are increasingly important in games. You wouldn't want enemies to sneak up from behind, would you? We'll go easy there and assign $250, the typical price of a low-end home theater in a box, to the budget.

Total price: $1,709.