Wow, I must be a terrible parent, because I can't sympathize with either of those.
My son's been playing the same PS2 for years. If he's bored, I tell him to read a book or go run around outside or he can help me with something. If he doesn't want that, well I can find him some chores to keep him busy. If he whines, I tell him I don't want to hear it: go do it somewhere else. Attempting to be manipulative e.g., playing one parent against the other generally gets whatever he wanted taken away for a while.
He (almost 10 years old) absolutely loves to read and we happily feed that habit. Video games/cartoons are a privilege rationed out carefully and taken away when behavior problems arise.
I worry a lot more that I don't have time to take my son fishing than whether or not he's got the same toys his friends do.