Models and Theories in Human-Computer Interaction/Diffusion of Innovations theory too simplistic?

As a descriptive model, I find the theory of Diffusion of Innovations to bee too simplistic. It's not hard to see why that may be. After all, they are trying to model a very complex sociological and psychological process. More specifically, one area I find too simplistic is the adopter categories. The model defines the Late Majority as having a high degree of skepticism and having little financial liquidity. This may be mostly true, but I know it wasn't true in a recent purchase of technology I made. I recently purchased a Playstation 4 (PS4). It's been out since November of 2013. Why did I wait to purchase the latest console? Not because I was skeptical of the technology; nor was it because I didn't have the money. I waited because I had purchased games for the last generation console, and didn't want my spent money to be wasted. Bottom line: it was not skepticism nor a lack of funds that caused me not to adopt the technology.

Also, the decision stage of the adoption process is rather vague. In general, it says an individual weights the pros and cons of the innovation and makes a decision on whether to adopt or reject the technology. The model places emphasis on information being communicated by early adopters to later adopters, but says little about why an individual makes a decision to adopt or reject, other than the vague notion of pros and cons. I think this is where something like the Technology Acceptance Model (TAM) could be useful to fill the gap.