The top five reasons:
5.) It's way out of my league right now. I have way too many bills to pay to even contemplate spending $300 (let alone, $400) for a videogame system.
4.) The games at the moment are simply not interesting enough. I'm not saying that the system is filled with crap, but I am saying that there is, in my opinion, no one (and certainly not two, three, four, etc.) game that reaches out and grabs me.
3.) I know a lot of people disagree (and that's perfectly fine), but I really, really do not see the "OMG LOOK AT THAT" difference between Xbox 360 and Xbox yet. For whatever reasons (e.g., crappy developers, short development schedules, limitations of hardware), the games just do not appear to my eyes to be truly next-generation yet.
2.) I do wish that Microsoft implemented more truly new features, aside from all the online stuff -- most of which I can't really say I'm interested in at the moment.
1.) olimario endorses this system, so that gives me goosebumps and makes me think that the system may not make it another six months, even with Microsoft's financial backing. The olimario curse will wreck whatever plans Microsoft had.