Looking in the ps3 world...

As the guy before me said, games are pretty scarce for now, but once March hits, the ps3 will have great games coming out every month.

What's great about the ps3 is that is has lots of non-Sony made exclusives, compared to the 360, which as you pointed out has primarily only M$-made exclusives. Also, as the guy before me said, you can play any older ps2/1 games that you missed, like the Devil May Cry trilogy or Shadow fo the Colossus.

You can expect the ps3 to have similar developer support that the previous playstations had, which means lots of it. There will be loads of great games coming out for the system over its life cycle. Already coming out this year, and many this month, are Heavenly Sword, Lair, Motorstorm, Tekken 6 , Devil May Cry 4, Metal Gear Solid 4, and even more in '08 like Final Fantasy XIII, Final Fantasy XIII Versus, and Gran Turismo 5.  Also, chances are games like Resident Evil 5 will come out on the ps3 first and just be ported to the 360 (and ports are usually not as good as the original), as Capcom has always done that with RE games (except for RE4, which did come to the ps2 with extra content).

See, the ps3 is assured massive developer support because a majority of game developers are Japanese, who develop primarily for the Japanese community. Because the 360 is basically dead in Japan, these devs usually don't bother making games for the system, as none of their primary audience will buy the game for that system. This equates to lots more exclusives for the ps3, and since it is region free, any games that don't make it over here from Japan can just be imported. Quite the opposite of Japanese devs, most of the major American devs are non-exclusive developers like EA and Rockstar who push out title after title for both platforms. But even Rockstar pushes out primarily PlayStation exclusives aside from GTA (think Bully, etc.).

The main thing i like about the ps3 is its reliability. It hasn't had any hardware problems for the most part. The worst i've heard of is occasional freezing, but i've had mine since December and it hasn't frozen once. Also, its features are amazing. It can play Blu-Ray discs and even SACDs (for any audiophiles out there). Its feature list will only be increasing over the year (much like XBL did last year). With the March update comes multi-tasking, along with many other things, along with rumored dvd upscaling.

To sum things up, ps3 will have far more games than the competition (though the Nintendo is improving with its 3rd party support, most likely due to the new opportunities provided by the Wiimote), and it would be a nice addition to you living room. Just be warned, ITS BIG, though its sleek design makes up for its obtrusiveness.

Also, get a Wii asap. It may only have Zelda now, but soon it willl get more great games using the amazing Wiimote. I love my Wii. :D