I can see a flame war developing... Hell, I'll just be brave and say what I think.
Software will win the contest between the three. This is a definite. IMHO, AROS is so behind it can't realistically compete in these stakes. It's an interesting project but will stay just a project for a long while to come. Its advantage is obvious - cheap, common, convenient and very fast hardware (in theory, as it may only work on certain PCs...).
MorphOS has a 4 year head start on OS4 from a coding point of view, 2 year from a usage point of view. It has many ports already and a relatively large sofware base. Say what you like, but IMO it also has superior hardware to the A1.
Note also that OS4 does not have any special development team that AROS and MOS do not. All three OS's are developed by a small group in part time. OS4 has committed followers, yes, but also a huge number of fanatics and trolls who have no real idea about anything. Don't get me wrong, all sides have 'em but the OS4 ones are more conspicuous. The only substantial thing OS4 has to its advantage is the name. This is an importantant advantage but by no means a saving grace.
From where I'm sitting, MorphOS looks like it's the winning option. It has no real competitor until OS4 is ready, fully stable, and has a software base - which may be years away. There may only be a handful of Pegasos users but the high price of the A1 will ensure that there aren't many OS4 users either.
It will be interesting to see how things go, but an objective analysis is impossible until OS4 is ready to be compared and AROS is running Amiga software.