Partly it all depends on what you want and value in a console, as well as your own past experiences and personal biases. To that end, I will try and include both factual information below as well as my own personal biases, and the reasons for them.
360 Pros...
Variety (Modern Era): This console is effective at providing a high-quality game experience in a variety of genres, at least in the modern era. There does not seem to be a better platform available in this aspect, and while some titles are missing from the line-up if you want to experience the bulk of bestsellers or browse for obscure gems, be they in disc format or on XBLA, this is the console to go for. It is easy to design for and the wide user base means that a developer with lower levels of funding or a unique idea will find it easier and cheaper to make a unique title on this platform. The other consoles are still working hard though at lowering this advantage, so while MS is currently at the head of the pack, it's lead is diminished compared to the PS3 and Wii launch dates. But...they are still the best. And if you want to do FPS, there is none better right now.
Multi-player: A wide user base means that there are very good odds of finding someone to play in whatever game you use. The online community is strong, and it is more difficult to cheat online. You do have to pay a fee for the privelige, but monetarily I find it a relatively small price to pay in return for a large, and relatively cheat-free community.
Note: Although that does result in "issues" when I play COD4 and they can't believe I can pull the trigger that fast. I've been investigated 3 times, guys, and I'm not cheating....I just have freakish fingers and very poor time-management skills. I don't get it, I don't even hit the guy half the time!
Cons:
Reliability. To put it simply, Microsoft is substantially behind the other companies at this point in time in terms of producing reliable, durable hardware. To be fair, they have gotten better, and they do have relatively extensive warranties to cover their hardware. And this is less of an issue if you are just looking to play online, because if that is the case you may simply ditch the system for whatever else comes up next, as people leave the 360 for another system in a few years time. But if you want to play the games you have extensively with whatever community may remain, or go solo, the warranty may run out and long-term gaming could become a case of finding relatively durable consoles on the open market. This is more of a theoretical issue than a long-term gripe, as most people don't flit between console generations that much, but rather tend to focus on a single machine and use others sporadically.
Personal Biases: Raised on the first XBox. Loved the games, the refined controller, and the first-person shooters and the great graphics. Buuuut...I went through three of them. They broke down on me, and in the end I bought a GameCube as a back-up for when the one I have now inevitably bricks up. You broke my heart, MS, you broke my heart...
Which isn't to say I didn't like the 360 when I played it. I did, loved the online play, loved the games, loved everything about it. But MS....sigh....
PS3
Pros...
Technically, the system is ahead of the XBox 360. How much ahead it not yet determined, since it seems that the skill of developers in working with the hardware hasn't peaked yet for any of the current consoles, but there may be some truly outstanding potential. That means better potential for graphics and overall game-play over time. This one is hard to go into detail for, because to be blunt I don't think we've seen how far this advantage can go (inFamous and Uncharted 2 aside).
Life-cycle/Reliability....Having this degree of graphics potential may mean a longer life-cycle for the PS3 in terms of games being generated for it, although this is relative and will largely depend on the long-term purchase rates for the machine. The "bricking" issue is much less pronounced than with the 360, with the highest failure rates I've seen numbering somewhere around 10% or less on the whole, while some figures for the 360 come between 30-50%. In short, your PS3 will likely be around longer, although this is again in very relative terms, and Microsoft seems to be slowly fixing the issues with the 360 over time. But this is something to consider...the system will likely be around longer, and that may mean more games being developed for it even when the next console generation kicks off (see the current PS2 phenomenon).
Cons...
Multiplayer (Slightly): Although stronger than the Wii, online gaming for the PS3 is not as strong due to the decreased number of consoles in circulation, and the fact that the service is not as well maintained or composed as XBL. Although you do not have to pay for it, something that makes it attractive to people like myself on a restricted budget that only allows for occasional recreational purchases or gifts (see the Holidays), for everyone else this is a relatively minor issue. Cheating is more widespread, and there are fewer gamers available, and with XBL's lead on this the PSN will likely never match the raw numbers, although it is improving itself in terms of connections and cheat-prevention.
Controller: This is a more subjective issue, but I've heard people complain over the years that the PS3 controllers are not as effective for certain genres, specifically the FPS, or even 3rd-person shooters. And then promptly tell me how it's actually better for 3rd-person games, even though they say it is still horrid for 3rd-person shooters. It is hard to tell how seriously to take this, but at the end of the day there does seem to be a degree of cost to this. But, it is difficult to evaluate, and there are likely numerous compatible controllers out there if you are willing to look hard enough. But it is an extra cost to lump in.
Personal biases: I wanted to kill things in pixel form, so I went for an XBox, and got the graphics, and the gore. But I did miss out on some beautiful games on that system, and the bricking of my XBox prior to this has hardened my heart towards MS. I will hopefully be able to buy a PS3, and plan on doing so. Part of the issue is reliability (I want a console that will last at least 5 years, and I don't see a way to obtain a 360 that will do this easily or reliably...although if someone figures it out please let me know!). But part of it is because I don't want to reward MS. Even if the 360 never bricked, I would still have some reluctance towards putting more money in their coffers.
But...if the 360 was faithful, I would still probably buy it. But the PS3 in terms of reliability wins out. And with it comes inFamous, Flower, and Little Big Planet, and Uncharted 2. I will miss Gears of War 2, Condemned 1, and some of the down-loadable content. But I want the reliability, and I'd rather not feed MS more of my money, scarce as it is. Again, that is just my personal opinion. It is motivated by bias and my own experiences. Feel free to love your console, and the games you play on it. I hope you do. This is just what I will likely do, to have a good time. I encourage you do to do likewise.
Wii
Pros...
Reliability: Simply put, Nintendo is next to unstoppable in this department. If you want something durable that is hard to break, you go with them. They know what they are doing with this, for the most part, and the failure rate on the Wii has never been rated higher than 5% anywhere I've seen it posted. And they tend to treat customers whose machines break very well (if they bought the console new, anyway). And even if you get a used, refurbished machine, the odds of it breaking are less than some forms of birth control.
Variety (Old-School/1st Party): Want Mario? Link? Samus? Hit up the Wii, and you will find great games with them in it. Want old classics you thought were gone for systems that broke or got lost? Get them online. Simply put, the level of classic game variety and quality in their main franchises is beyond reproach. Simply excellent.
Ease of Entry: Want to get someone into gaming? Give them a Wii. The control interface is simple, a lot of the games are relatively clean in terms of content or easy to learn, and it takes up very little space. In short...the Wii is a great introductory system, and the quality of easy-entry games are without par. A great stocking stuffer...if your stocking can fit $300 after buying a game and a second controller.
Cons...
Variety (Modern-day): Simply put, the content is limited, and when it isn't it's often censored or experiences a substantial downgrade in terms of graphics. And that's when it's good in the first place.
That's not to say there isn't some great stuff out there...there is. But due to the tendency of Nintendo to censor the material, combined with the limited graphical limitations and the difficulties in designing for the Wii, it seems likely that the Wii's library will remain less extensive for the foreseeable future than its competitors, especially when we throw quality into the mix. Want a good FPS? There's the COD:WAW port and Onslaught on Wiiware. I could think of five notable other examples available for the other two consoles. Fan of violence, sandbox gaming, or horror? Well, there's No More Heroes, HOTD:OK, Dead Space: Extraction, MadWorld, maybe a new Silent Hill game, and a censored version of Manhunt 2. That's...about....it. On the other consoles? The list for that would be pages and pages.
Nintendo really doesn't seem to want to sully its image in terms of seeking out gamers of mature tastes, and at the moment seems to be limiting it's audience almost deliberately. And porting games over from other consoles comes with its own share of control issues and a substantial graphical downgrade. I have heard many people praise Mario Galaxy or Metroid Prime: Corruption for their graphics. I have yet to hear that about World at War. As for quality...I'm not going to get into that issue. There aren't enough tissues in the world to stem my tears for some of the titles.
Online play: Dang near non-existant. I am serious, the amount of online play outside of a few games (Mario Kart comes to mind) is severely limited, hard to access, cumbersome and in some cases simply not available. If you want to play with a friend, they will probably have to be next to you in the room half of the time. Now, maybe my data is flawed on this, but why do I keep hearing about problems with SSBB and online play? This is the big title on the Wii that appeals to so many gamers, and you don't have online play with it? Nintendo will probably ameliorate this somewhat, but I really do wonder.
Personal biases: This is a good system. For someone else, this would be the greatest system. For me? Not so much. I have my Mario and Link and Samus fix for the GameCube when I want it, so I don't really need the Wii right now. And the lack of much in the way of 3rd-party content means there isn't much out there outside of the Nintendo Trinity for me to consider buying it, especially in terms of FPSs in the modern context. I have most of my old shooter games, and if I want to I can play Perfect Dark or Golden Eye on my N64. There isn't much else besides No More Heroes that I would want to pick up. And I would rather not pay $200-300 for a system in order to play a single game. Other people may have differing tastes, and I hope they are able to enjoy themselves fully. Myself? I can wait for a Wii. I can wait until Nintendo comes out with its newest shiny system and all those dependable Wiis start going on sale like GameCubes today, for 30-60 USD, and then snap up it and all the games I wanted for a third of the price, or less. The Vulture can wait his time...he did it for Resident Evil 4 for the GameCube, and he can do it again here.
These are just my opinions...I am not Divine, nor do I claim to speak with the Divine on a regular basis. I am fallible, morally and intellectually.
Enjoy your systems, guys and girls of the Escapist!
Addendum: Please note that I did not include costs, since at this point in time the costs for each console are relatively similair. In the past, the PS3 would have received as substantial downgrade for its cost. And that cost is why, in part, I have not considered buying one until this moment.
Also, I do have to say in conclusion that each console is expanding and improving it's software lineup and capabilities over time. Games tend to become available on other consoles as time passes, and it is likely the edge of library superiority will wane in some places over the years.
