That's a good plan for most games. Just like binging on entire seasons of TV shows on Netflix where you get to skip commercials and don't have to wait a week to see how a cliffhanger resolves.
The downside is you aren't part of the conversation at the time of release. Like following sports, there is social currency value in playing at release time. For popular multi-player titles, waiting means you might miss out on the peak crowds, and the fun of discovering things on your own before all the walk-throughs, builds, maps, and cheats are posted online. Your friends may have moved on just as you're getting into a game and looking for a group.
Just playing devil's advocate here. For the most part I do as you describe and wait for a 75% off Steam sale on an already discounted price. It's great to pay $5 to play a game that released at $60 the previous year.