Well let's look at the situation
Xbox 360
-Came out early
-Has good hardware (i.e. graphics)
-Has good price
-But it doesn't have any killer game yet
Wii:
-Cheap
-Bad graphics
-Good controller
-Good games (depends on taste)
PS3:
-Expensive
-Has Blu-ray
-No killer game yet
-!!!! graphics
You see I think that in the end it will be the PS 3 and the Xbox 360 that duke it out for 1st place. These two consoles are meant to last.
Also, if you ask a programmer if he wants a DVD, HD-DVD, or Blu-ray he'll prob. say Blu-ray. Furthermore I hate it when people say that the PS 3 is already a failure,... great... how long has it been out? Well you can't expect to make games that fully exploit the PS3 immediately can you?
As for the Wii, of course you can! Since there is not much to exploit.
As for the controller: go Wii!
For multiplayer: go Xbox
For next 7+ years of game play: go PS3
And anyway, the Xbox 360 or the PS3 have great options for (e.g. viewing pictures, surfing, plus they have HD-support, …. …. …)
So basically you’re buying a cheap computer. :D
EDIT: Right! One more thing, I don't think Sony managers and CEO's would just randomly make a $600 beast, and then hope for the best. Clearly Sony knows what it's doing.