I'll probably wait a while before buying a next gen console, there are still many great looking games that will come out soon on the current gen consoles. When the current gen will be dead, the prices will probably have dropped and I'll see which console has the most games I like.
The Xbox 360 is appealing, though, because of the backwards compatibility, there are many games on xbox I'd like to play but I don't have one.
Following earlier indications that the Xbox 360 will only be backwards compatible with some Xbox games, Microsoft has admitted that existing software will need to be recompiled before it can be run on the new console.
The problem, it says, is down to hardware incompatibility - since the current Xbox uses an Intel processor, but the 360 will use IBM's PowerPC architecture, while NVIDIA's graphics solution is being replaced with an ATI one.