[ollopa]

Does it really smell like mildew and not just old electronics?

I would take everything out of the box and let it air out in a corner of the garage for a week and possibly stick it out in the sun for an afternoon to tame the odor.  I've got three or four consoles and don't recall ever having an odor issue, though.

If you find mildew on anything paper, best to consider tossing it and buying a new replacement.  On the console, you can wipe it down with rubbing alcohol and it will be good as new.