So what are peoples' opinions on the next-gen consoles? Here's my mini-analysis:
The PS3 is a hard one, since there hasn't been any actual in game footage and no one has gotten to play the console yet, but I think in terms of power it's equal with the 360. Even the developer behind MGS3 has said he only wanted to develop for the PS3 because it was "newer".
An obvious advantage for the 360 is by the time the PS3/Revolution come out, it's going to have a pretty big catalogue of games and developer's will have already got to grips with the console. Also, I think Microsoft could afford (and likely will) slash the price of 360 and it's games by the time the PS3/Revolution come out. Also, Xbox Live has proven to be extremely popular, and Sony has only hinted at a similar system for it's PS3. For now, from the abysmal launch line up and problems with the hardware, things can only get better with the 360.
On the other hand, I don't think the PS3 will come out in early spring as predicted. I would guess a Japan launch would be possible in late autumn. And by that time, some hardware specs could've changed... Who knows? Sony has always been sly regarding console performance, and we could see it outmatch the 360 in terms of graphics capability.
The Revolution, well, no one really knows much about it apart from the fact that it's going to be cheaper, graphically inferior, and have a completely different controller than the other two systems (Think "3D mouse").
Overall, I would say the three consoles are actually quite evenly matched. The 360 would already be well established in the market by the time the other two come out, though I very much doubt it will get the fanbase Bill Gates wants it to have in Japan.
The Playstation has a huge fanbase across the world, and perhaps Sony has a few tricks up it's sleeves (there's a Sony event sometime in February, where I'm sure they'll divulge more info).
Nintendo isn't really popular in Europe/America, but it's absolutely huge in Japan. Just look at the DS (which I guess was a sort of testing platform for Nintendo's "new and innovative" ideas) which sold millions in Japan. The Japanese proved to receptive to Nintendo's new ideas, therefore It's a sign of good things to come for Nintendo in Japan, but not really anywhere else.