Xbox by 99% –
I have several PS2s (check signature). They are just toys for fun projects for me. With the failure rate of Sony product lasers I can't rely on Sony for much. I mean ALL Sony products. They strictly only get my money for their games from here out. I'm starting to think of Sony like Emerson or Durabrand without the lower price.
I've had more fun on my XBox with Halo 1, 2 and Ninja Gaiden than I have with any of the PS2 games. God of War was great, but I didn't find much replay value in it. Even my NDS see more action than my PS2s.
The PS2 is a great system with a lot of titles, but most of the time the newer multiplatform titles are just better on the XBox (i.e. controls, playability, online options, loading times, and graphics). Splinter Cell CT and Burnout Revenge are a couple of examples. Of course, with older titles this doesn't apply. A lot of old Xbox titles really sucked, but I don't play those anyway.
I'm sure the PS3 graphics will be better than the XBox 360, but I expect a better experience from Microsoft. Their setup just seems more adapted to the gamer...Sony's seems more general (which is partly why they are successful).
I just hope Square-Enix pulls their head out of their behinds and puts more than Final Fantasy XI out for the XBox 360. XI makes sense because of XBox Live. I would think Square-Enix would be pissed about XI support being essentially dropped by non hard-drive using slim ps2s. Sega should shape up and move Phantasy Star to XB instead of the PS also.
A PS3 is still in my future, but I can wait until the price goes down. I'll probably buy a Revolution first. The only popular system I haven't owned is the PSP. That's another rant altogether.
v08 - DMS4 Lite EZI - 40GB drive.
v12 - New laser, master power switch, will install custom HDD
v12 - Dead, no power, blown fuses (experimental, parts)