Joe: have you even looked at one yet? Microsoft > Newby anyway.
MyndFyre: How about a review. 
Um, in terms of launch titles, PGR (Project Gotham Racing) 3 kicks ass, and I think it's really the only launch game to even approach using the system's potential. I guess Kameo: Elements of Power was a big emphasis title, being first-party, although I think it's kind of weird, and looks more like a current-gen title than anything. Call of Duty 2 is really sharp and very immersive, and while the CoD 2 port for current-gen systems was given bad reviews (it's different than the Xbox 360 and PC version), I still think that they could have accomplished much of it on a current-gen system, because the real immersive nature of CoD 2 is its teamwork and its sound. I'm glad I have an industrial-strength digital sound system.
I haven't had a chance to play much of anything else, but I have hooked up with Xbox Live. The overall setup of the system is fairly well-executed (you can actually get to the Xbox startup screen now even with a game in the console!), although whether that will work to Microsoft's advantage is yet to be seen. The system acts as a DVD player, but I think a lot of people -- especially the market segment who would consider purchasing a 360 -- probably own a DVD player, and offering this feature for free would have been done better at the Xbox instead of the 360.
The wireless controllers are nice -- much better than the clunky behemoths from the original Xbox (I actually bought 2 Logitech wireless controllers for the original Xbox because they were so much more sleek), and it's nice that they can turn on and turn off the console. I mean, sure, that's a really lazy feature, and you still need to cross the room if you want to put a different game in, but it's still nice. I have remote controls for everything else.
I think about the time that the PS3 comes out, we'll see the real potential of this system. Not because the PS3 will be coming out, but rather because it will take that long for developers to really understand and grasp what they have to work with. Likewise, I think it will take quite a while once the PS3 launches for developers to grasp what they have there -- and in fact, non-first-party developers probably will not utitlize the PS3 to its full potential, because they will already be putting so much money into assets just for the 360, which will already look so polished (according to my gaming magazine, the players' helmets in Madden '06 for 360 have three times as many polygons as the entire player models do in current-gen Madden). This agrees with my assessment of Sony in general, though, who IMO has been attempting to be competitive by simply throwing raw technology at its customers. I think the PSP is little more than a gloried portable movie player, partly because, realistically, who wants to buy two copies of the same game so that you can take one copy with you on the road? Right now people will either buy Gran Tourismo 4 for their PS2 or for their PSP. I expect that because of its capabilities, we will continue seeing ports and translations to the PSP, even once the PS3 is released. This is opposed to GameBoy Advance and NDS (not saying that Nintendo is particularly intelligent having 2 handhelds, either), which are sophisticated enough to be fun, but not so much that customers are expecting to play The Wind Waker (ugh, what a joke... don't get me started).
