My good friend did what you're talking about and laughed at me for refusing to buy anything video related for my child the same age. Both our daughters are now 9. I know I made the right decision. Her daughter has a game boy, all the video stuff (xbox, etc) and it becomes a huge battle when she enforces time limits. Don't fall for "educational" touts, remember these people are in it to make money and wouldn't tell you if they thought it was bad for your child. My sister who has grown children told me if there was one thing she could do over with her children it would be not to allow video games in the house until her son was much older. She had a hard time when he was in high school and college to focus on his studies instead of video games. Please do further research before you go that route. Overstimulation is another thing to consider with a child this young.
My daughter, just this year, has a couple of games she plays on the computer (Pet-vet) where she takes care of animals. Other than that she doesn't have the rest of the stuff. She reads, draws, paints and plays outside. My son who is 5 is the same.
Blessings to you and yours and congratulations on your second gift from God.