Fold some protein, cure cancer n' stuff. It's a research thing that's been going on for a while, studying how Protein affects Alzheimer's disease (particularly) and a few cancers. I'm not entirely sure of the actual scientific details, but it uses distributed computing to have several different computers doing the calculations simultaneously, then feed the results back to the central location.
A similar effort that's been going on for a while is SETI: Search for Extra-Terrestrial Intelligence.
Who knows if this stuff will actually work, but with distributed computing they can work through this stuff much faster.
360's don't have my type of games. Wii does. PS3 does, but a lot of them suck. Wii wins my bet... for now.
There are links to the site and various info in the program on the PS3, but JKTrix summed it up pretty well.
It could lead to a better understanding of just how protein folding is involved in causing Alzheimers and some other diseases. Whether or not it leads to a cure, who can say, but it's a worthy cause and it takes no time at all (just leave it running on your PC or on your PS3 when you're not using it).
Ive looked into it and it does seem neat, but I dont think Im going to waste much time on it. Im too busy with Virtua Fighter 5 at the moment anyway.
Like I said, all you have to do is leave it on when you're not using your PS3. I tend to just let it run if I happen to be going somewhere for a few hours, or if I'm doing homework or something. It doesn't exactly have to take any time away from your gaming. Since getting it for the PS3 I've also installed it on my PC, and when I get my laptop built, will most likely install it on that too. It is for a good cause, so every little bit helps I suppose. But now I'm just getting way too off topic, so I think I'll shut up about this now.
PS3, hands down.