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Right now, I would recommend getting a XBox360: It's a very good system, with a lot of great games on the market and some promising titles coming out. There is definitely some fun to be had with the system.
BUT your 360 most likely will break down sooner than later (I'm currently on my second), which can be extremely annoying if you're in the middle of something or excited for that super-duper new title that just arrived in the mail and fried your system. In my case I didn't play with it a lot when my Box exploded and it came back fixed after a week, so I didn't care at all at the time. However, I'm buying Fallout 3 for PC, since I would most likely eat the controllers if the Box would hang itself while playing it. If you decide to buy the Box, my advice is to accept that it will break down eventually, and don't make a big deal out ot it, once it really happens (and don't forget that you have a long warranty period).
And well yes, I agree that it's somewhat dumb to buy a console and expecting it to fail, but as I said, as long as it runs, it's a great system. (I also much prefer the Xbox controller over the PS2/3 controller, but that may be just me. Just be sure to try them out both if you have the chance.)
Now, the PS3 on the other hand: In my opinion as a long time PC gamer and current XBOX360 owner, the PS3 is the console of the foreseeable future. It's without a doubt the stronger system in terms of the underlyig hardware and when you look at the huge amount of games released for the PS2, you can see that the PS3 will have a very strong lineup of games eventually.
BUT at the moment, right now? I just don't see it. These days the PS3 is the most expensive system you can buy and one of it's most celebrated feature (the sixaxis controller) is not really of beneficiary use to any currently released PS3 game. And speaking of which: every console is all about it's games. And there just are not that many games out for the PS3 and in terms of announced titles, there are not that many reasons to buy the system (MY opinion ;). I'm a huge Metal Gear Solid fan, so MGS4 would be an obvious reason for me to buy the system. Then there are some mediocre titles which were hyped but simply did not deliver. On the horizon linger God Of War 3 (should be awesome) and my personal PS3 favorite Little Big Planet (which I would love to see on the Box, but this probably won't happen).
To sum it up: If you want a new console now, my advice is getting the Box. A lot of new titles coming out are cross plattform, which means you'll have great new games and a wide range of older (and thus cheaper) titles to choose from.
On the other hand, if you don't want your console now, but sometimes in the near future, I think the longer you wait, the more you should get a PS3. If you wait, there will be more PS3 games and the system will probably become somewhat cheaper as well.
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Cameron: I won both a 360 and a Wii.

You, sir, are a very fortunate person.
I have a WII because it lets me play a lot of the games in the metroid and castlevania series with emulation and backwards compability. Suppose I'll be trying out resident evil 4 and the house of dead style shooting game too.
I just got rid of my xbox 360 after it thrashed a few of my discs, and continued to do so after I had it in to replace the drive. Unacceptable if you are a collector.
Suppose sometime later when lords of shadows from konami is released ill grab a ps3 :)
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Pantalaimon: BUT your 360 most likely will break down sooner than later (I'm currently on my second),

If you're buying new, the worst you could get is a Falcon board, which has removed the Red Ring of Death possibility. They have even newer models now which not only have a 65nm processor, but a 65nm gpu. Significantly decreasing the chance for a RROD.
Hardware failure is far less likely, the console has matured.
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Weclock: Hardware failure is far less likely, the console has matured.

I didn't know this, nice!
.. now I hope my box breaks again really soon, so that I can get this new version while still covered by the warranty.
Hm.
I guess I just have to start playing and don't stop until it explodes.
Well, a man's gotta do what a man's gotta do :D
Xbox 360 all the way. It's the only console that's ever come close to giving the PC a run for its money.
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LeftHandedMatt: Xbox 360 all the way. It's the only console that's ever come close to giving the PC a run for its money.

In terms of what? The PS3 whoops the 360 in terms of media compatibility and internet access.
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LeftHandedMatt: Xbox 360 all the way. It's the only console that's ever come close to giving the PC a run for its money.

Nah, I wouldn't say that. Consider the PS2, it has a *huge* lineup of games, some of the best titles released just as the PS3 began to show up (God of War for example, or the lovingly crafted Odin Sphere). And the PS3 is just getting started, it might very well be a justified investment to get it now. And of course don't forget the old nintendo systems.. people are getting their SNES games and playing them still today.
I think it comes down to what you expect from your system.
Run current games without any hassle or required upgrades? Go for the consoles, and pick the one that fits your desires best.
I know this kinda branches from the original subject, but I think every gamer should keep the eyes open for the alternative systems. Just think about the best game you ever played and that you could have missed it, if it came out on another platform which you never considered for gaming.
..
.. go out and buy another system immediately! ;-)
Post edited October 15, 2008 by Pantalaimon
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Weclock: Hardware failure is far less likely, the console has matured.
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Pantalaimon: I didn't know this, nice!
.. now I hope my box breaks again really soon, so that I can get this new version while still covered by the warranty.
Hm.
I guess I just have to start playing and don't stop until it explodes.
Well, a man's gotta do what a man's gotta do :D

... Now, is it possible for me to even -consider- buying Xbox after this? :D I've heard it has issues, but not that big - I'd be really grateful if connsole worked even after expiration of warranty :D (thinking of a great times we had with my nephew's PS1 last week)
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Pantalaimon: .. go out and buy another system immediately! ;-)

Yes! Gimme money! :D
Seriously now: From what I have discovered, PS 3 can play PSX games, as well as it should be able to handle PS2 games in a near future (...Yeah, some versions can do that now and I'll do my best to get my hands on one of them :D), so that means 3 concoles in one package and with a HUUGE array of games (including FFs X, XII and XII-2)... Since good games on Xbox are released on PC sooner or later, and PS 3 have new Metal Gear Solid, Heavy Rain and God of War... It's just too bad I don't have a chance to try controllers, maybe in console shop ... If I'll find one :D
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Pantalaimon: I didn't know this, nice!
.. now I hope my box breaks again really soon, so that I can get this new version while still covered by the warranty.
Hm.
I guess I just have to start playing and don't stop until it explodes.
Well, a man's gotta do what a man's gotta do :D
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Fenixp: ... Now, is it possible for me to even -consider- buying Xbox after this? :D I've heard it has issues, but not that big - I'd be really grateful if connsole worked even after expiration of warranty :D (thinking of a great times we had with my nephew's PS1 last week)
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Pantalaimon: .. go out and buy another system immediately! ;-)

Yes! Gimme money! :D
Seriously now: From what I have discovered, PS 3 can play PSX games, as well as it should be able to handle PS2 games in a near future (...Yeah, some versions can do that now and I'll do my best to get my hands on one of them :D), so that means 3 concoles in one package and with a HUUGE array of games (including FFs X, XII and XII-2)... Since good games on Xbox are released on PC sooner or later, and PS 3 have new Metal Gear Solid, Heavy Rain and God of War... It's just too bad I don't have a chance to try controllers, maybe in console shop ... If I'll find one :D

Yeah, I'd say it's worth considering picking up maybe an arcade if you're cheap and then buying a refurbished HDD from microshaft. I went out and ended up getting a clearanced pro that was the 20gb.. I was extremely pissed when I saw the 60gb came out for the same damn price. I nearly have a full HDD now (i got like, jade empire and halo 1 for xbox originals man, lay off). But anyway, the PS3 is a good alternative too I suppose, there's only a few games that really interest me, and those are PSN titles (pain sounds freakin awesome). But the last time I bought a system for the downloadable titles it was the Wii and I only got 3 games, only 2 of which I wanted. Pokemon Puzzle League (it's goddamn tetris attack, lay off you idiots), Super Mario Bros, and Kid Icarus (dude seriously, wtf is this game? it's total BS how could this be considered a fantastic farking game? it sucks totally..).
Anyway, I personally don't like the Wii just because I'm tired of all the games that have come out for it. Metroid Prime, boring, Legend Of Zelda (how many times do you have to collect 3 of x items and then 8 of x items until it gets boring?) boring, Super Smash Brothers Brawl, actually it's just fine, if you liked to play Super Smash Bros on Gamecube, youll love it on Wii, but it's just more of the same in every area.
SAME SAME SAME SAME SAME!!! I'm tired of it.
The Xbox 360 has made me happy with mostly arcade titles and now I really enjoy Rockband and Guitar Hero 3. Both titles are actually multisystem so don't worry about it.
I have yet to get a PS3, but I figure I will sometime in the future if it's going to have a 10+ year shelf-life like Sony execs say. Gonna get one sometime around when I upgrade my home theatre system.
Maybe I'll watch Bluray, maybe not, I saw a few Bluray movies at a buddy of mines house, on his HDTV and to be honest I was not impressed. But I've never really been impressed with HD or any of that stuff, it just bores me really.
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Fenixp: PS 3 can play PSX games, as well as it should be able to handle PS2 games in a near future

As far as I heard, there was a PS3 version which could play the PS2 games, but went out of production (check the wikipedia article for details). It would be really really awesome if future versions of the PS3 can handle the old PS2 games someday, but I'm not sure whether this is actually confirmed. If you have some kind of source, I'd appreciate a link. If not, I'd double check this again to be sure. But if it's really happening soon, then yeah, that would be definitely a pro-PS3-to-buy argument.
(oh, this reminds me: you can also play the old XBox games on the 360, don't forget this. The XBox backwards compatibility is often under heavy critic, but I never had any problems with any game I tried [Halo2, Black, Ninja Gaiden, Project Zero II, to name a few] )
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Weclock: I personally don't like the Wii just because I'm tired of all the games that have come out for it.

Same here. In my opinion the Wii is a party console, which you play with a bunch of friends and then it can be great fun. But playing an immersive title like Bioshock or Fallout..? Just doesn't work on the Wii in my opinion, so it's mostly a no-go for me.
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Pantalaimon: It would be really really awesome if future versions of the PS3 can handle the old PS2 games someday, but I'm not sure whether this is actually confirmed.

Oh well, it WAS a hoax after all :D Sorry, I forgot to write that it's an unconfirmed information... But yes, it WOULD be awesome :D
By the way, are there games on first Xbox, that are worth it and didn't come out for a PC?
The first Xbox had about 2 decent exclusive games.
Ninja Gaiden and Black. There is also a exclusive enhanced version of the first onimusha game from what I undestand but I never got to try it out
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Fenixp: By the way, are there games on first Xbox, that are worth it and didn't come out for a PC?
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Lenny: Ninja Gaiden and Black.

Dito.
Ninja Gaiden was nice, but it can be very frustrating at times, especially on your first try. Great fun though, once you learn the about four combos which you can use the entire game ;-)
Black was (and imho still is) an awesome shooter. You got guns and a fire button, that's about all you need to know. It's no IQ test that's for sure, but a real blast to play.
There is also a range of games which were not exactly Xbox exclusives, since they came out for other platforms as well, but sadly never reached the PC. Soul Calibur II for example, or the scare-fest Project Zero (I & II). These are just my personal highlights, do some digging and you're likely to find more.
Post edited October 16, 2008 by Pantalaimon
Black wasn't an exclusive.
But I've actually come to disagree with the not-enough-good-exclusives thing for the Xbox anyway, even though it was the reason I never owned one* until about about two months ago. I've already bought twelve games, and only two of them are multiplatform. The other ten are exclusives, and very very good exclusives. Maybe not amazing (we're talking solid 8/10s and a few 9/10s); they're not really blockbuster titles, but they're definitely good enough to justify the purchase of the console.
*I owned a PS2 and a PC, and most games I was interested in were available on one of these, so the Xbox seemed pointless