PS3, Xbox360 and the new Nintendo console (currently codenamed "revolution") are all the buzz right now. X360 should be out before the hollidays, while PS3 and Nintendo are releasing their consoles early next year.
I'll wait until they're all out before I choose.
PS3 and X360 are both going for insanely good graphics. Though there haven't been many PS3 screens/videos yet ... X360's graphics look amazing (at least they do in all the racing games - but those games always look great).
Apparently, however, Nintendo isn't going so much for graphics. They want to change the gaming experience. Should be interesting to see what they're up to once they finally announce it. Hopefully they'll actually tell us something at E3.