Now that's a religious question!

For my money I've got all three major systems (and some less major ones).
At $50 a game you can buy any system for the same price as two or three
games.  So buy the systems and rent the games.

But if you're looking for only one then here's, in my opinion, a break down
of the three:

All three

Pros:
+) Great graphics.  Every current system has games that will blow you away
graphically (although some are better than others).  Yes, the systems push
more pixels, but this is also due to a general industry move to higher
production values.
+) Great libraries.  No matter what system you buy there will be plenty of
games to choose from.
+) Lots of GREAT games.  Exclusive games are becoming rarer as time goes on.
Most (but definitely not all) popular games get released for all three
platforms.
+) Rentable.  All three systems are well represented at most rental outlets.

Cons:
+) Have you seen your wife or children lately?
+) Didn't you used to have money to go outside?
+) Religious fans.  Every system has a large, vocal cadre of people that
will call you an asshole for not picking their system.  Personally (nothing
more) I find that the XBox fans tend to be more annoying for some reason
(maybe because hardcore Nintendo and Sony fans have been around for over a
decade while the XBox cult is relatively new).

PlayStation 2

Pros:
+) Huge library made enormous via backwards compatibility with PS1.
+) More quality exclusive franchises than anybody else ("Jak", "Ratchet and
Clank", "Final Fantasy", "Grand Turismo", etc)
+) More first run exclusives (of games that will eventually be released for
other systems).
+) Good (but not the best) online and networked gaming.
+) Many family rated games (especially if you also consider the PS1 library)
- lots of them of surprising quality.
+) Lots of experimentation and innovation.  There's just simply a larger
chance that an odd game will find an audience on PS2.
+) The Eyetoy is so cool it hurts.
+) In my opinion the DualShock is the best videogame controller ever - I
play games on the PS2 over other systems just to use it.
+) Huge array of third party gear.
+) High quality connection options (Optical Audio, Component Video,
progressive scan output, etc)

Cons:
+) This is the oldest system making it nominally the least powerful.  That
being said it was also the complex system and developer's are still finding
ways to eke a little more juice from the box.
+) Many people report hardware problems with PS2.  I've never had any, but
it's a valid concern.
+) Sometimes Sony relies too heavily on third parties: this is why there
isn't a wireless controller as good as the packed in controller (although
there are 6 or 7 different wireless controllers to choose from).

Future:
+) PS3 is on the horizon and has been announced to be backwards compatible
with PS2 and PS1 games.  It will also (reportedly) ship with a packed in
Eyetoy and mic - making games using those peripherals much more common.
+) The PSP (the portable Sony game system) will be here and will most likely
have some type of connectivity option with the PS2/PS3.  If the PS3 has
wireless capability (as the PSP does) then it could make for some very
interesting options.
+) Sony kept its lead from the last generation to this one making it likely
they can do it again.
+) Sony is promising a streamlined online experience which will also
leverage its media holdings (think movies and music via your console).

XBox

Pros:
+) Great graphics.  The XBox is clearly the most powerful system
graphically.  If you like eye candy, this is your machine.
+) Large library of "mature" games.  The XBox is aimed squarely at the more
adult market and it game reflect that.
+) Packed in Hard Drive.  XBox games load faster and can be patched/upgraded
much more easily than other systems - the PS2 hard drive will set you back
another $100.
+) Best online experience, hands down.  This is where MS got everything
right.  It's not particularly innovation in my opinion, but it does
everything you'd expect to expect damn near perfectly.
+) The cheapest online solution.  With XBox one subscription to XBox Live
allows you to play many online games, for the systems you need to pay
subscriptions for each game (although not all games need subscriptions to
play online).
+) The best connectivity options.  The XBox offers the same high-end
connectivity options as the PS2 with the strong addition of true
Hi-definition output (for some games).

Cons:
+) Not as many quality franchises.  XBox has some great sports/simulation
and FPS franchises, but not much in other generes.  Basically the characters
you know and love just aren't on the XBox.
+) Very little in the way of family games.  There are a few, but nothing you
couldn't find on the other systems.
+) Clunky design.  The XBox is a big-assed piece of hardware - larger by far
(and not stackable) than the other systems.  I also find the controller
clunky (but usable).

Future:
+) XBox2 has been announced and might just beat its competition to the
market giving it a huge head start.
+) Microsoft is simplifying the XBox2: reportedly it will be based on the
PowerPC rather than Intel, ATI rather an NVidia, no hard drive (at least
built in), etc.  With all of these changes it's unlikely (but still
possible) that XBox 2 games will be backwards compatible with earlier games.
+) If MS can maintain its momentum in Live! the XBox could easily end up
being the THE online system (it sort of is already).

GameCube

Pros:
+) Some of the best-known exclusive quality franchises around ("Mario",
"Donkey Kong", "Metroid", "Zelda", etc).  First party Nintendo games never
disappoint.
+) More mature title as well.  Unlike previous Nintendo consoles the Cube
has made a concerted effort to attract more mature games.
+) The best kids games.  Although the library is quite small the kids games
available on the Cube (especially the Disney games) are hands down the best
out there.
+) Small form factor.  The Cube is the smallest system around (although it's
top loading disc drive makes it less stackable than the PS2).
+) The best wireless controller.  The WaveBird rocks.  The religious war
over which controller, the Dual Shock or the Cube Controller, is better will
rage for years however.
+) The GameBoy adapter.  With this little gem you can play almost all of
your GameBoy games on the big screen.  This adds literally thousands of
games to the system - many of them complete classics.
+) Ability to innovate.  Nintendo is all about the games: they're often
willing to try new things (like the excellent Gameboy control of "FF:
Crystal Chronicles" and the new "Bongo" controller).

Cons:
+) Smallest library.  Although it still has enough games to keep anybody
happy for years the Cube has the fewest games out there.  It seems
especially light on the Sports/simulation front.
+) Poorest connectivity.  Nintendo did, finally, release a component video
cable, but it's special-order only and expensive and even then you need to
use the old audio cable.
+) No online gaming to speak of.  There are online adapters for the Cube,
but see if you can find anybody actually using them.
+) Non standard discs.  The Nintendo uses special, tiny DVDs.  This means
that the Cube is the only system that can't play DVD movies and most likely
means that the Cubes games won't drop in price nearly as quickly.

Future:
+) Nintendo has announced the new Gameboy and a new home console (although
no details are available) which promises to offer gaming experiences unlike
any other (but then again they said that about the Cube).
+) No Nintendo home console has ever been backwards compatible - don't
expect this one to be.
+) Nintendo will continue to own the portable market (the PSP will be too
expensive to unseat the Gameboy) - they may be able to further leverage this
into home console benefits.

Basically that's how I see things (and I probably missed a few things).

My short answer is that if you really don't know anything about anything,
buy a PS2.  Most games are available for it and there's definitely something
you'll like.  The games a not as visually stunning as the XBox, but the
difference is slighter than you would think (especially in the heat of
play).

If you like eyecandy go for the XBox, but expect to miss out on some
well-known, popular games.  Still there are some GREAT games on the XBox
("Riddick" is sweet beyond belief) and you won't miss all that much.  Still,
I find we play the XBox least by a wide margin (although I personally play
it more than the Cube which my son dominates).

If you're a gamer from way back or have kids consider a Gamecube for its
first-party franchises and the Gameboy player.  Used or refurbed however the
Cube goes for around $75 - so it makes a great second system.  ;^)

Jim Davis
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