Like I tell everyone, PS4 is amazing and I enjoy the controller. That being said at this time there are no true must have games out right now that you couldn't just play on PS3. I worked a few hours overtime to buy my PS4, two games and PS+ subscription so for me it was a feasible purchase and I enjoy it.
If you love Assassin's Creed, Fifa, NBA 2K or Battlefield especially(notice all 3rd party games currently on PS3 too) then I'd say purchase a PS4 because those games are definite improvements and you'll enjoy them just depends on if you think an extra $400 is worth it.
As far as hardware issues, don't let that be any reason you don't buy a console. That is the dumbest reason and honestly the biggest rationale people who didnt preorder, can't find or can't afford a PS4 use. The odds of your PS4 not working are very low and I'd imagine you have better odds of winning $5000 at a slot machine than your PS4 breaking.
Obviously there are going to be a little added risk at launch mostly due to any shipping issues but that danger is marginal at best and the internet blows things out of proportion. People make up the number of 10,000 consoles because they think just because something has a 1-4% chance of failure they can literally come up with a tangible number of faulty consoles.
If you have the money, CAN EVEN FIND A PS4 and enjoy the games I mentioned then go for it. If you are waiting for a price drop within the next year or for, "the kinks to get worked out" then you need to stop letting people's bad fortune scare you out of something you want. I'd suggest waiting until tax return season unless you really want one.