I spend most of my time on my Xbox 360; a majority of that time is spent in multiplayer Halo 3 with my friends. Excluding Halo 3, I play it significantly less, but it has enough to make it a valuable buy.

I cannot recommend a PS3. I just traded in my only PS3 title (Ratchet and Clank Future: Tools of Destruction) in favor of a Wii game. The thing is my DVD/Blu-Ray player until it gets some more games in which I have interest. The console has a pretty future, but it's not fulfilling any burning needs right now. To be perfectly honest, I got the thing because I was able to swing a few deals to get it for only $200 of my own money.

I play a fair bit of my Wii, but not many new titles have been catching me lately. If you're leaning towards a home console, I'd suggest this or the Xbox 360 over the PS3 in a heartbeat, depending on in which games you're most interested.

I have two games for my PSP: FFT: The War of the Lions and FFVII: Crisis Core. Normally I don't buy a console until there's at least three titles I want for it, but the PSP was a gift. Kingdom Hearts: Birth by Sleep should round out the third. I'm not sure I'd have bought a PSP with my own money, but I'm definitely satisfied with it as is.

The DS is smurfing awesome. Aside from the ability to play GBA games, the DS has a library of its own that's more than worth it. Aside from the ones Omecle already suggested, I also love the Ace Attorney series. I'd buy a DS just to play those four games.

That said, I wouldn't go for the PS3 unless you really, really want Metal Gear Solid 4 or are willing to wait a while yet until its library expands and bigger titles start hitting. My suggestion: get the DS for now. You can always get the PS3 later down the road. DS Lites will probably see a price drop soon now that the new model has been announced, which is always a plus, and there's more than enough of a satisfying library to tide you over until the PS3 gathers some steam.