This may be adding more fuel to the fire, but here it goes...
Got drunk last night with a friend and we had a suprisingly constuctive argument regarding the Xbox and PS2 (in this case, the online services in general). This got me thinking some more about this topic.
Another thing to consider is features of the console. Like I said, this may add more fuel to the fire...but think about it. Xbox has the ability to let you create custom soundtracks for your games (as long as the game supports that feature), and the PS2 may have that feature when the HDD unit finally comes out (as I understand). The GameCube has the GBA adapter to allow GBA games to be played using your GameCube. Also, GC has the GC<->GBA connectivity for some games. The PS2 has backwards compatibility with PS1 games and devices. Personally, I like PS2 controllers the best...the layout of the controlls just feel "ergonomically correct" for me...
I will always and forever say: "Fuck the hardware specs and look at what the developers can do". I am a child of the 80s, so I've played my fair share of Atari 2600 and Odessey2 before owning an NES. Here's a good example of why I say the above: Pop Super Mario Bros. into your NES and play it for a while, then pop in Super Mario Bros. 3. Notice the obvious difference? Also, When Core (I think they were the developers...) came out with Tomb Raider for Saturn, there wasn't a way for the Saturn to handle translucency (sp?) real well for when they had to have water in parts of the levels. They messed around with the hardware and tried some code and came up with a solution that would do what they needed to (the PS1 already had the capability to handle translucency).
BTW, I have a Nintendo (sans flip-top dust door), SNES, JVC X'Eye (Genesis and CD rolled into one package) and 32X, Jaguar, 3DO, PS1 (doesn't work, so it's a doorstop now), Saturn, PS2, GC, and, of course, Xbox. That's four generations of post-crash video game hardware, so I've seen some great titles on "underdeveloped hardware", and some shit titles on beefy hardware.