I want new HW this year. PDZ... the thought of GE style MP online is too much to take!!! Something tells me that many of us are in this boat.
Europe will be the most interesting. If MS ships there THIS YEAR, and really keeps up with with the virtually sim launches... While Sony fucks europe with a 9++ month wait for the PSP. Sure, Sony cares about Europe, whatever.
Sakaguchi, Okamoto, Mizaguchi... and you can expect that Itagaki will still give his killer support... This won't win Japan, but it will help MS do better there this gen, and bring more fans of Japanese games to the 360 in the west.
Mistwalker RPG's, Bioware RPG's, Oblivian, another Fable... nice

RPG's covered for me!
A new madden.
MGS is still a great series, but it is showing it's age. I want to play more, but may not be sprinting out to get the HW I need to play this.
Forza looks fucking kick ass. This combined with PGR and Live. I liked GT4. I LOVED GT1 and 2... If Forza lives up to what it seems it will be, next gen, MS will completely own the racing genre. Rallysport 3, PGR4, and Forza 2. OH YEA!!!
Sony can't be whipped, but freaking hell, the 360 is lining up to be a monster. I know I will get PS3, but... I feel that from holidyay '05-launch of the PS3, MS is going to build up a HUGE momentum.
As for the Rev, whatever. I will have it. It will be a gimmick to play Nintendo's games, and then back in the closet it will go. Kick ass fun I am sure, but Nintendo has become a non-entity in the Sony vs. MS fight imho.