360 will have a good head start on the others, and if indications are correct will be priced very aggressively ($US299-360). I wouldnt be at all surprised if one or two PS2 owners get tired of waiting for PS3?
...M$ are counting on it.
X-Box360 will supposedly be somewhat compatible as well....but only the most popular games (How stupid)
Ironically, this is analogous to how the A1200 is partially backward compatible with A500 software and how that compatability is improved with apps like WHDload ect.
360 will need individual coding to play past Xbox games, at first this will be limited to the more popular titles.
While Sony definately tries to get involved in all markets they dont try to undermine and destroy their competition like Microsoft does. This is the #1 reason why I won't buy Microsoft's deal. #2 is good though, it's technically a lesser unit.
Sony's tactics are debatable, just ask Nintendo and Sega about the gritty details.
Following your reasoning in #2 why would anyone presently buy a PS2, when both GC and Xbox are technically superior?
Technical specifications and theoretical performance are never good reasons to prefer one machine over another, surely a present day Amiga user would know that?
:-D