I know that people are out to make some $$$, but I am not the kind of person who likes to do such a deed, so I disagree with option 3.
I don't agree with option 1 because I really think that the X360 price just has to drop when PS3 comes out and buying it now might just make you cry when you realize later that you could've saved some bucks. For a person like me, this is a very cry-able incidence.
If I wanted to buy X360, I will go with option #2. (I don't want to buy a console... If I get one for free or something, then heck yeah, but I don't want to spend all that money. PS2 is good enough for me.) Since you have no games you want to buy, then there is absolutely no reason to buy it except to show off to your neighbors or friends. I mean, a console is worth it when it has games to go along with it. No games = no fun. So, better wait for a price drop.
So, it seems that you are not crazy at all, Vulcan.
Hope this comforts you.