I've been waiting for price drops when purchasing games for quite a while now. I actually have a rule not to buy any game for more than $30.00, with few exceptions (Halo 2, Doom III, and Half Life 2 come to mind). The reason I am willing to wait longer is because I have a pretty big stack of games to play through and wouldn't get to the newly purchased games (at full price) for a while anyway. For example, in the summer of 2003 I paid full price for KOTOR but hadn't gotten chance to play it until a few weeks ago (GREAT game by the way!). It was recently on sale at Best Buy for $15.00. Quite frankly, I should have been more patient and waited to buy it until I actually had time to do so. Plus, there's something cool about getting games on the cheap that I really like. I was able to pick up "XIII" (PC) and "Neverwinter Nights" (PC) for $7.00 each - substantially less than what their retail price was at the time.
By the way, if you're into budget gaming, make a habit of checking out
www.dealrush.com. They do a very good job of posting great deals on games, price drops, online coupons, etc.