In his latest interactive entertainment industry update, Lazard Capital Markets analyst Colin Sebastian painted a rosy picture overall, as he noted that industry sales trends "remain generally healthy through late October leading up to the key holiday selling season," but he also highlighted "several potential risks to the sector this fall, including hardware supply constraints and lower PS2 and Wii software pricing."

It's also possible that the console shortage problem could affect more than just the popular Wii. "We believe console and handheld hardware could end up in short supply at retail stores over the holiday period with ongoing strong demand for Nintendo's Wii, partially alleviated by a reallocation of hardware from Japan to North America," Sebastian said.

"In addition, we believe strong sales of Xbox 360 hardware likely shifted sales of some of the units planned for the holidays into 3Q, in order to satisfy the demand created by August price cuts and the launch of Halo 3. Lastly, we believe Sony's PSP and PS3 could benefit from recent price cuts and holiday promotional bundles."

Interestingly, Sebastian also found that Wii games have a more difficult time maintaining higher pricing.

"Our weekly analysis of pricing trends suggests that front-line PS2 pricing continues to shift to $29/$39 from $39/$49. In addition, we note a greater distribution of pricing on new and recently released Wii titles ($29/$39/$49) in contrast to the fairly consistent $59 pricing for most PS3 and Xbox 360 releases, indicative of the more casual nature of many Wii titles," he said.