I don't know why I'm even posting here 'cos it really matters not what we say! But going by what we know now about next generation:
Sony:
-no headstart advantage (then again, hype helped kill the DC)
-split focus on console & portable markets (ask Nintendo)
-complex system architecture (but I doubt Sony will repeat a PS2-like environment)
+tremendous momentum coming off of PS2
+marketing & best hype machine
+online from the start
+most support, yet again
+BR format likely (good for HD movie playback *and* higher capacity games)
+other non-gaming features likely
+will most likely have the best hardware specs
+the desire for HD movies, game graphics, broadband, etc. will be in a full swing by the time PS3 launches...they could use these like they used DVD to help sell systems
MS:
-premature launch of a cost-effective system architecture causing a multitude of problems:
--no power edge (alot of X-BOX fans are fans simply 'cos it's the best hardware out now)
--no BR or HD-DVD (unless they seriously want to kill the cost-effectiveness) which leaves them with DVD, which is smaller capacity than what the competiton may have*
--no BC (again, unless they want to waste money/resources to the point where they're back in the red like with the bleeding X-BOX)*
--cuts short the first X-BOX alienating fans
-with an early launch, moving alot of projects to next generation, alienating fans, their "momentum" sorta hits a BRICK WALL going into next generation thanks to no BC and a sudden stop X-BOX production switch transition
-taking away HD*
-no non-gaming features (alot of X-BOX fans are wanting/expecting shit like TiVo & a CD-RW, etc.)
-no Japanese support, hell they can't even BUY support anymore
+headstart "advantage" (ask DC)
+EA support (oh wait, EA supports everything though)
+XBL (still not profitable though)
+Halo (though, no Halo at launch)
Nintendo:
-still a VERY big image problem
-coming off the GAMECUBE, it will have left a bad taste in some people's mouths, the momentum won't be as big (but AT LEAST they finnished out this generation more completly unlike MS)
-still not as good as support from the industry as they need...they need to get out there and WORK with publishers, developers, retailers & the media if they're going to turn their image around
+trying to fix the image problem (better advertising, more of it, not ignoring competition anymore, Reggie, giving people what they want (re-designed NDS, new Zelda, etc.), re-thinking the whole purple cube console design, realizing that the GAMECUBE's smaller disc & memory cards hurt their standing with sports and other mainstream games, etc.)
+"Revolutionary" feature(s) (anything like NDS, bring it on, it'll be different than the competition at least)
+supposing leaked specs were anywhere close to being true:
++powerful (can still compete with PS3)*
++possible next-gen media format (hopefully on-par with PS3)*
++HD built-in (possibly a self-server online infrastructure there and/or something else?)*
+still has great franchises
+the move to get closer to Bandai & other Japanese supporters
+Mario at launch this time
* = Since some people whined about my speculation I marked some of the highly speculative maybe's based on unconfirmed info with asterik's. Calm down now and read the rest of the points and realize I'm pretty realistic in my next generation (going by what we know now) assessments!