After several months of stopping in at retail outlets every now and then and being told "well, we had them just yesterday," I broke down and bought a Wii on eBay. It should arrive today or tomorrow. The eBay premium on this comes to about $50 after you consider sales tax, so it could be a lot worse, I guess.
I looked at the XBox 360, and it's still tempting. But it's a bit high-priced for an impulse buy, and there's nothing I'm really dying to play. The media center functionality would probably be more appealing if we didn't have TiVo and Netflix. And I'm pretty sure Belle and I will get more enjoyment together out of the Wii than we would another system (where it would basically just be for me).
I'm still just amazed by how scarce the units actually are. I'm no industry analyst, but it's been almost a year now and I still haven't even seen a box on the shelves anywhere. The hardware isn't that complicated, from what I understand. The Freakonomics blog thinks it might be artificial, but no-one really knows.
But what's undeniably true is that there's more than a couple thousand of them up on eBay at any given time, selling for (including shipping) at least 130% of the retail price. How that figures into the shortages is hard to say--two thousand isn't a very big number, spread across the whole country--but it's a little galling to see the grey market flourish like this.