That's exactly what I would have done.
Then neither of you should reproduce. You're taking the toy away from the kid, that you paid for, and permanently rendering it useless, thus denying your child any enjoyment and denying you the hundredsome dollars that you paid to buy it for him, just because you were too lazy, or he too industrious, to keep it hidden for another three weeks. Isn't this short-sighted and irresponsible? I think your mere use of "there you go, you little shit" indicates that you're not really the right man for the job here anyway. Do you think he's learning a lesson there? The only lesson being taught here is that you're a hot-tempered moron with no respect for personal property.
That's a pretty stupid thing to say. Violence breeds violence, that's plain to see. Furthermore, punishment is less effective than reinforcement because it produces undesirable ancillary behaviors that can outlast and overpower any behavioral modification. That's 100-level psychology, guys. Come on.
As long as we don't get him a replacement for the destroyed gift, it doesn't really affect us. Who gives a shit if the little brat has his enjoyment? He should have waited like he was told, and yes, it would teach him a lesson in patience and obedience. Plus, it was a GBA, not something majorly expensive like a PS3 or something. And..no respect for personal property? It's not the kid's property..he hasn't even been given it yet.
EDIT: btw, I wouldn't actually do that, but I hate little fuckin brats like this kid.
EDIT #2: Reading the original article again, the kid's 12 years old. He should be able to wait a few weeks for a video game. If the kid was say 8, 9, then ok..they can't wait for anything. But the kid's in middle school. He should grow the fuck up.