the pro/con of the situation is all companies are planning newer consoles. some like that. some hate that.
the facts are that all three companies are aiming for a 2005 release at the earliest -- each one wanting a ps2-like head start on the others.
make of that what you will (then consider that each of the three current systems was at least a year-late on its delivery date promise).
that aside....
i think xbox has a cool deal going on. they're willing to take the risks to make business moves (like LIVE or rare). they're new and uninhibbated, so they can really head off in any direction. they're not a japanese company, so they dont have as much issues with public appearance or saving face or stubborness.
i think they're doing amazing for a product that didnt exist 2+ years ago, against to megaliths. their online dedication and service is amazing.
their best feature is probably what i dislike about it -- its microsoft.
microsoft doesnt know a thing about gaming -- just just have tons of cash. they'll toss all of it around to get anything they want. they're currently losing about $100 on EVERY xbox system they sell, and they dont care! xbox lost microsoft millions in 2002, but with a company as rich as microsoft, it didnt even leave a scratch -- they can suck that up like it was nothing.
to me, it always seems like they're just trying to be the best at something else, without really taking the time to get INTO the industry. they just want to own it.
similar to ted turners approach to wrestling. he didnt care about the history or the legacies or even the details. he just wanted something that would beat the competition.
which worked great for a while -- but then ended up burning a lot of bridges and upsetting a lot of people, both in the industry and the fans of it.