Ever since the insanity of the 2000 PlayStation 2 launch and reports of online auctions for the desired system reaching into the thousands of dollars, new system launches have become a big event for entrepreneurial capitalists as much as gamers.

A look at the soon-ending auctions this morning showed premium Xbox 360s generally closing at $600-$700, with core systems going for about $500. There were some aberrations; one auction for an Xbox 360 premium system on its own reached $1,750, while a core system auction reached as high as $790.

However, as great as the demand is, the supply of systems on eBay is almost as staggering. There are thousands of listings for the unit on the auction site, many of which are going without bids due to high reserves or starting prices.