If you want a cheaper system, I think picking up an original Xbox or PS2 may be the way to go. They're really nicely priced right now and the games are getting cheaper and cheaper. A 5 year old isn't really going to care about how powerful a system is, as long as the games are fun. Both systems have accumulated an awesome library of games over the years.
The Wii is also nice as it is a more unique gaming experience. I'm sure your son would have a ton of fun with that as well. What I also find little kids really like is the DS, and with that you can always get him some educational games (ie. Big Brain Academy).
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