Are the Xbox and PlayStation a Blessing or a Curse?

Raising kids in this day and age of the Xbox and PlayStation can be a challenge. You're either the cool parent OR you're the strict mom and dad who sets limits on play time.  

Our boys love their video game time with their friends, and as a parent, it's hard to find a happy medium when coming up with a reasonable amount of time to give them on their games. How much is really too much? Should we allow them to play every day or just the weekends?  Should we base their play time on how well they do in school?

Up until this past Christmas, our family's game time rule was that they did not play the PS4 during the school week. They played Friday through Sunday. It worked well and we found if we gave in and let them play a few days during the week, their school work would suffer a little.

Then at Christmastime, my older son got his own PlayStation, which meant they didn't have to share the original console any longer. A blessing and a curse, I guess.

Both kids are currently doing well in school and my husband and I are considering relaxing the rules a bit and letting the boys play on one day of their choice during the week as long as all homework is done. There, I said it.

I'd love some input from other parents out there who may be dealing with or thinking about this same thing. Help!