Besot of both worlds would be Sony and Nintendo in this case. Sony PS2 was one of the best 2nd gen consoles of time.
To be honest, I have been reconsidering my pre-order. If I hadn't have wanted a PS3 from when I heard about them (when I was debating about the new slimline PS2) I wouldn't be in this situation.
I always had my doubts about anything Microsoft release, their software needs umpteen patches to get right, Vista is a massive bloated show off piece (he says using it on his PC!), it just put me off their consoles. Plus I did not like their controllers.
Yes XBox 360 has great games, but you forget it has been out longer than the Wii and PS3. If we gave the PS3 the same length of time the XBOX 360 has now, I reckon the games will be very good, if not excellent.
BUT I DO think Sony is shooting themselves in the foot here with the PS3, I see most angles. My mate said though, if I do end up getting one (my pre order is still on at this point in time) then I have to play it to make the most of it.
As for launch titles, I don't know. I don't want something too serious, but fun as well. I will probably get Sonic, as the last console I bought (and still have) is a Sega Mega Drive. Haven't really thought about it. Too many consoles spoil the broth!
