Do the prices blow up because Nintendo doesn't have an official market presence there and so local stores import the stuff themselves?
Officially, videogames here are cataloged as Gamble products, hence they have 29-31% tax (IVA+Import Tax), but, at least here with the retailers... nope, every retailer (Alkosto, Panamericana, Exito, Falabella) gets their allotment via Juegos de Video S.A.S. at reduced price, it's just that they want to profit 300% or more from the local customers.
And with the others players,
MS has a great representation here, so it's easy to get the console, games, accesories and even prepaid card at reasonable cost.
Sony has a good representation with console prices and games but no PSN and no way to attach a local CC with a US PSN account hurts.
PC ecosystem. We have a handful sites selling PC parts at reasonable prices, some major manufacturers (like Asus, Gigabyte, MSI) has local representation, so it's relatively easy get a decent PC. And for games, Steam, Humble and GoG are a godsend with plentiful of options to pay and great prices.