I wouldn't dare buy a video game at its release date, as much as it always pains me to wait. The worst part about waiting is catching onto spoilers that people splurt or not understanding references about the game that others find funny. At the very least the pain of waiting isn't as painful as the hole in my wallet would be.. Now THAT would hurt.
Unless that is a game that all my friend have got and are currently playing then I would not be spending such a large amount of money for just a single game. I usually just go to a game shop and see what is in the bargain bin. I think that this is a great way of finding new games that you have never played before and you might even discover new titles that you might enjoy, for a much more affordable price.
The only time I buy a games as soon as it is released is if I know that I will be playing it a lot. Most of the time I can find the game online for a cheaper price than what it is in stores. If it is a game that I am interested in but know that it probably will get boring fast, I wait until the price drops before I buy it.