I’ve had the 360 and PS3 since their launches and the Wii for just over a month (though it seems longer after my Zelda binge, despite it being two weeks ago).

Overall, 360 is the winner and here’s why:

• Xbox Live – it’s the 2nd version; Sony and Wii don’t have a story for multi-player games and have weak online marketplace experiences;  PS2 did have some online multi-player support but it was game publisher specific.  Once your firewall was set up for Xbox or Xbox 360, everything just seems to work and the game lobby experience is sufficient and consistent.  Microsoft is a software company and they have played that to their advantage.  Sony is touting an upcoming ‘Sims’ or ‘Second-life’ type experience but it’s too late
• Price – the blu-ray disc in the PS3 is a compulsory purchase even on the lower model (that they have apparently discontinued) and it may have cost Sony the industry lead they had; having a PS2 compatibility board in there cost extra money, and while it beats Xbox 360 (with it’s slow-release compatibility list), anyone hard-core enough to buy a system at launch will probably keep their old systems hooked up anyway.
• Interchangeable rechargeable controllers (with the right battery pack) –   the 360 controllers should have come with the rechargeable batteries from the start and I went for the standalone 2-battery charging station which prevents any battery issues; the PS3 batteries are not removeable, and the Wii only seems to have limited 3rd-party solutions available
• Games – there has been very little PS3-only goodness here and even though Xbox 360 didn’t have a large number of launch titles, they have had a year to bring them on now, giving them the hard start; Wii will still attract people for cutesy games.
• Dashboard and in-game interface – Nintendo and Sony have finally caught on to the idea Microsoft has with the original Xbox – having a consistent in-game interface to the dashboard is very compelling.
• Media experiences – the 360 can be a media extender to Windows Vista Home Premium/Ultimate or XP Media Center Edition, but if you’re like me, you’d put the computer in the same room as the 360 where the big screen is, so this isn’t the big deal that Microsoft says, and if you want TV in other rooms then it’s something to consider but they you’re probably wondering why there’s no media center extender experience for the Windows desktop; if Microsoft plays it’s cards well in the IPTV industry then the next Xbox (once broadband is 10Mbps+) could be the set-top box of choice

For the truly serious technologist or addicted gamer, there are 3 consoles in play.  For the serious gamer, there are 2 (360 and PS3).

It’s really about the experience and the gameplay – Microsoft has it hands-down on experience, and is getting their on gameplay because it’s Microsoft with a huge developer following and they’ve had a year head-start.  A few more good titles and a killer Halo 3, and things could forever become Pepsi.

For the casual gamer with kids there’s the Wii – it only has 480i (in North America or 480p with component cables) and there’s no digital audio out – but the novelty is there and some games (like Zelda) have pleasant graphics once you get passed the very obvious resolution drop.  Wii sports is family fun but it didn’t take long for us to realise that you can sit on the couch and just flick your wrist with far more precision (so RSI is still on the cards for some).  Wii may have one of the strongest back-wards compatibility stories in terms of taking Game Cube games, controllers and memory cards.  The Mii characters you can build for yourself are limited (despite the many choices) but fun for a while.  The launch games are disappointing (esp Mario), however you can buy a fair amount lot of Wii equipment and games before you hit the price of a PS3 with no games.

If you are into gadgets and technology and you are choosing one then get a 360 and make sure you get the Elite (with HDMI output).  If you have $2000 to spare, get all 3, accessories and a switcher, then spend another $2000 on a 47″+ LCD/Plasma screen (making sure it’s native 1080p, not 720p with 1080i support) and of course another $1000 or so on digital sound receiver with 5.1/7.1 speakers.