Well one thing to consider is what type of games you like. If you like PC games, then the 360 would probably be a good go. If you are more into the "what's hot at the moment" type of title, the you are definatly a Sony guy. Otherwise if you want some long forgotten classic, paired with originality and innovation, then you may want to hold out for Nintendo.
I HIGHLY doubt that Sony or M$ machine will be anything near as fast as they say. I have a feeling these CPU's are kind of the the Celerons of PPC. The price is too low, and Apple has shown disgust in the design of the Sony CPU. Infact when Sony asked to have OSX on the Sony, Apple turned them down outright, though that may change. None the less, I'm sure Steve Jobs had reasons, and I'm willing to bet it's because the CPU isn't as full featured as the typical PPC CPU that you'd find in a Mac.
So if Sony has cut corners on the CPU somehow to save costs, then I'm sure Microsloth is too. They are doing all labor in China, and you know they don't pay them crap, so I'm sure they'll cut any corner they can!
The second thing to take into account is that Microsloth is known for sucking ballz. Though that's only when it comes to software and fair play. When it comes to hardware, they are right on! About all my hardware is Microsloth, that being my XBOX, Mouse, Keyboard, etc.
Sony on the other hand is known for lying out the ass, and on top of that, they have a bad rap with v 1-8 of the PS2, as they used all the cheapest components possible, making returns, and refurbs commen place with the Sony croud. As for the lying bit, well I think we were all amazed when the PS2 first came out, had less video RAM than the Dreamcast (which took them 3 years to work around), it was hard to code for, most Dreamcast games looked better in compared to the PS2's 1st 2 gernerations (even many modern titles), it DID NOT make PS1 games look better, it was not near as fast, nor could it do near as many polys as they claimed, plus the DVD play back sux ballz!
Of course you have the occasional XBOX that is flakey, due to them using some a few Toshiba drives in some models, but for the most part, the Samsung drives that you find in a lot of XBOX's, hold up quite well.
Lastly there was the Gamecube, which I don't recall any false hype over, though I could be wrong. It just introduced itself as better than the PS2 (but of course) and a tad weaker than the XBOX, and delivered "once again" a ton of innovation, and great sequals to wonderful classics in a style that only Nintendo has.
As for the next generation, don't worry about GFX unless yo have a hi-def TV. Pretty much all systems will look the same, and as with the 1st Nintendo and the Sega Master System, or the Genesis and the SNES, each system with have its strenghts, and each its weaknesses. Though personally I feel we are at that point that those weaknesses and differences will not be very apparent, with the exception of Nintedo who is doing some fun stuff with how we interact with games, thus creating a new type of gaming like the DS is doing.
Me:
I'll prolly buy all 3, though the Sony will ONLY be if OSX or a VERY user friendly Unix clone comes with the hard drive, and only if it has a STRONG homebrew community, cause really, that's where it's at, HOMEBREW!