Well, going by how my childhood was, assuming theirs is anything like mine was, I was always given the last generation (or even earlier) of everything. PS2 is out? I'm lucky to have a hand-me-down PS1. N64? I was still rocking a Genesis. Gameboy advanced? Still was given the Gameboy Color.
Once I started hitting teens, that was when I got caught up. As I got older, my family began buying me more expensive gaming things. PS3? I got one barely a year after release.
PSP? Got one of those also barely a year after release.