At 12, I probably would have taken the money. I didn't really get a grasp of how much things were really worth untill I was 14 or so. I remember one Christmas (I think I was 10 or something) and I received 100 bucks from my grandma. I was so excited because I thought I had enough to buy a real car with it.
I've come to realize through the years though that gaming systems are pretty much a ripoff. If a PS4 ever comes out, that PS3 will be almost worthless... but BL power is eternal!