You've seen all the commercials, from the snazzy, almost frightening PS3 ads where they seem to suggest their system is metamorphic, the looser Xbox360 commercials where they present their system as a breezy console that is apparently best played outdoors, and the Wii advertisements, which would be excellent evidence if a Home Invasion charge were to ever be filed against the two "door-to-door salesmen" featured.
I myself have an Xbox360, but prior to getting it I examined each station carefully, determining the pros and cons of each; I finally got the 360 because it best suited my particular needs, but I'll still endeavor to give you an impartial judgment on all three.
Xbox360- The Very Important Console (V.I.C)
The 360 neatly straddles the line between the Wii and the Playstation3; the technology utilized for its processors is fairly impressive; not the most powerful out of the three, it makes the Wii look like a lightweight by comparison, as far as processing power goes. It also has a healthy lineup of games, including many 360 exclusives, such as Mass Effect and Bioshock, and some truly massive exclusive franchises, such as Halo. Their games are entertaining and enjoyable, although they do perpetuate the standard "Sit and Stare" method of game play, which is not necessarily a negative thing.
There are, however, some faults; one, despite claims to Reverse Compatibility, you should know that it's not a "plug and play" RC. You require a live internet connection hooked up to your 360 so that a patch can be downloaded to your console's hard drive, allowing you play that specific game. The patch is free, of course, but if you don't have an Xbox Live connection, then you're essentially doomed.
Second, the console can be unbelievably loud; at some points when I was playing a game, the console's fan was making more noise than the one on my PC, and it did even get a bit distracting. (This may apply to the Playstation3 as well.)
Third (this also applies to the Playstation3,) the controllers are incredibly expensive; sixty dollars a pop, and you don't seem to have the option of plugging in an original Xbox controller; at least, I couldn't find a way to manage it on mine.
Playstation3- Back In Black.
By far the sleekest looking console (I almost bought it just so I could prance around and show it off to my friends,) the Playstation3 is usually considered to be the elitist's console; it has the greatest level of technological sophistication, with the Dualshock 3 controller actually winning an Emmy for “Peripheral Development and Technological Impact of Video Game Controllers.” With promise of a free online social network, and extensive prior experience in both handheld and regular consoles, it should theoretically be the obvious choice.
There are, however, downsides; first of all, the Playstation3 is woefully lacking in exclusives (although one of the few it's had, Drake's Fortune, has been hailed as one of the best games you can play,) and as a result there's not as strong an argument to buy a PS3 instead of the slightly more primitive, but perhaps more enjoyable 360.
Second, if you're planning on getting the 40 gigabyte version, you should know that it is not reverse compatible. Other sizes are, but not that particular one… don't ask me why, because I honestly have no clue.
Third, it is among the most expensive console, which means that if you buy it, you'd better be prepared to enjoy it… a lot.
The Wii- Underdog, Surprise Smash.
The Wii, I think, was expected to be little more than a small distraction for 10-14 year olds, which would be quickly eclipsed by the more expensive, more powerful Playstation3 and Xbox360. However, that has not occurred, but before I go into the reasons why, I'm going to switch things around by stating the Wii's downsides first. They're actually quite few, but could be a considerable problem to some of you gamers.
The Wii is the least powerful, hardware wise, which means that its games will naturally be a bit less impressive, graphics wise. It also means that the game market for the Wii will be substantially different than that of the Xbox360 and PS3; it will hold few game franchises in common with them, and almost never have the exact same game.
Also, the controller does require a bit longer to learn than your average "Sit and Stare" console, as a combination of motions and button presses are required to control the action. One of the first games I played on it was Twilight Princess, and the combat system initially seemed quite bulky to me, with my flailing away in a panic; my more experienced friend, however, was an absolutely master at it.
So there, there are the big thorns in the system. Now the upsides.
The Wii is, quite simply, a blast. Despite its lack of powerful hardware, this console can bring your friends and family together in a way that neither the PS3 nor Xbox360 could even really dream, even if those friends and families aren't normally gamers. With Wii bowling, golf, boxing, and many other mini games featured with the console, you could probably be amused for months without ever actually buying a game for it.
But, of course, you eventually will, and needless to say, the Wii has more exclusives than the Xbox360 and the PS3 combined; Nintendo's sizable franchise and licensing means you'll get updated versions of Mario Party, Super Smash Bros, Zelda, Mario, and much, much, much more. Games such as Mario Party and Super Smash Bros truly shine when you're playing with friends, and the single player games are nonetheless fairly enjoyable.
Also, with the large amount of additional controllers, those among you who enjoy buying accessories will have a wide range of genuine accessories that can enhance and alter game play, rather than just making your console a different color.
In closing, my recommendation is this; if you want something powerful that will, with any luck, have some absolutely exceptional games in the next couple of years, get a PS3. If you want a solid system with a good lineup of games, but still with some hardware muscle to back it up, get a 360. And if you want to have a console that'll have you, friends and families laughing and tossing about taunts and boasts over several bowls of corn chips and salsa, then get a Wii.