For sure! Like ckoden84 mentioned Xbox does have game pass that definitely helps with a wide array of games that are available for $15/mo.

I started gaming with an NES when the PS1 and N64 were big. So I totally get being happy just being able to play something.

But just another option to noodle. The newer gen could last longer for sure, but even with my Series X my buddies are still on the og vcr Xboxone so they are still getting life out of their systems.

You still get the backwards capabilities for the systems so even at that for the longevity piece the current gen may not be a bad way to go if you can find one in stock!

But happy gaming, definitely exciting for your kiddos.

As others have mentioned, the tv doesn’t need to be the newest, but one that has hdmi slots will suffice.

Only to add from what others have mentioned, if it’s not about having the newest systems even looking at a PS4 or an Xbox One may not be a bad idea. Get your little ones into gaming on a lower entry cost, a full library of titles, and games that you can find relatively less expensive. Would also allow for them to find out what games and genres they like outside of spending $80 for a ps5 title that they get bored of or don’t like in a few hours. Just another option to consider. If there are new titles you would like to play, they are still being released as a cross generation. (At least for Xbox as that is what I play, can’t fully speak to Playststion). Wouldn’t have any storage issues that way either, and if you end up figuring you want to upgrade to the current gen that is an easy port of your information over.