Despite the fact that I must now ship my 360 back to repair the Red Ring of Death(tm), I still say the 360 is the best of the three. It's got lots of good games, awesome online services (including online play), and excellent graphics and sound. Wii is second, with its innovative controls and high fun factor, though it could do with more good games and with an online play feature.

PS3 is at the bottom of my list, despite being (from my understanding) the console with the most raw power. It's far too expensive, even after the price drop, there are few good games for it, and there basically doesn't seem to be that much compelling about it. Maybe that'll change within the next year, but I don't think any game system is worth sinking more than $400 into for just the console.