Overall, I have to say I am pretty unimpressed with the new generation of consoles.  The graphics look great, there are new particle effects, upgraded physics and AI, and unfotunately, no soul it seems.  I remember the excitement of new games and new innovations in years past, and now, the excitement just isn't there.  The PS3 has only a few really good exclusives (with a lot more coming, though) and the 360 has a lot of gritty, war-themed shooters and racing games, and little else.  Sure, Oblivion was great, but everything else seems to be cut from the same mold.  A few more unique games were in the pipe, like Crackdown and Lost Planet, but they all ended up being pretty disappointing and totally repetitive.  I mean, how many Tom Clancy shooters do we need?  How many WWII shooters do we need?  Where are the adventure and action games?  I haven't seen ANYTHING in the mold of a Ninja Gaiden.   
Don't get me started on the Wii.  There may be nothing more destructive to the future of gaming for gamers than the Wii.  It has some nifty innovations, but unfortunately, my fears have come to pass.  I don't even care that the graphics are so mediocre.  I play my PS2 all the time, and it looks inferior to the new crop of systems for sure.  But with the Wii, we have nothing but crappy ports, "casual" party games, and maybe two great games to look forward too (Mario and Metroid).  Paper Mario is very cool, but even Zelda isn't an exclusive (it looks barely better than it's Gamecube coutnerpart).  And even still, I need more than 1-2 great games a year to make me happy.  
Don't get me wrong, getting casual gamers in the loop is great!  I will get a Wii because my wife wants one, and that is really cool that we will have something we can both play.  But I would be lying if I said the system interested me at all.
My fear with the Wii is that, because it is so successful, other companies will follow suit and shift their focus to releasing games that cater to my parents, my grandma, my wife, et al, and that just sucks.  Release those games.  Give my grandma something to play.  But don't forget us games who cut our teeth on Mega Man, Sonic, Castlevania, Final Fantasy, Contra, and Ghouls and Ghosts.  In the past, Nintendo had real gamers games that appealed to people outside the gaming world.  Now, they have flipped it around, and they make games for non-gamers, and hope the gaming community will hop on too (which, for some reason or another, they unfortunately have).   
I'm glad gaming is mainstream, but don't forget about those who got it there in the first place.  Maybe that is why I feel like the only person in the world who is still cautiously optimistic about Sony.  With Nintendo leaving us behind, and Microsoft catering to mainly military-based shooter fans, the PS3 still has my interest with upcoming games like Uncharted, Ratchet, Killzone, Final Fantasy, Heavenly Sword, and Lair.  That's a nice variety. 
Just my thoughts.  Let me know what you think.