Slightly off-topic, but if you're looking for a good party console I'd recommend a GameCube. You can buy a used one and a few controllers for about $100. There are a ton of great local multiplayer games: Smash Bros, F-Zero, Def Jam, Mario Kart, Blitz 20-02. Plus, no need for updates.
I can confirm this recommendation. When I bought my Gamecube a decade+ ago I figured it would eventually get donated or sold off as I continued on the console upgrade treadmill.
But everything that has come along since has had the glaring problems noted in this thread, such that I still have my Gamecube, the controllers, games, etc. It always works, when I need it to work.
Now if only Perfect Dark had been released for it...
Earlier model Wii's also have backwards compatability with Gamecube, so all you need is the games and controllers if you already have one of those. Not sure if that's going to see many more updates.
Though not a party game as such I'd recommend buying Jungle Beat and a pair of bongo controllers if you do go down the Gamecube route.
