After the Xbox 360 be done with its run I will to say it will become my 3rd favorite Gaming Console of all-time.  I currently own over 250 games (Live Arcade included) for my 360 and I'm currently back tracking and pick some that I have missed out earlier.  I never thought that I will be addicted to online gaming until this gen thanks to the 360 easy interface. Achievement is one of the best thing that have been introduce this gen. My current Top 5 are:

1. SNES (Ogre Battle, Tecmo Super Bowl, Street Fighter II, Super Mario World, Zelda, Mario Kart, Donkey Country....)

2. PS1 (FFVII, FFVIII, FF Tactics, Ogre Tactics, Maddens, NBA Live, Resident Evils, JRPGs....)

3. 360 (Halo 3, Gears, CoD, Lost Odyssey, Arkham City, Left 4 Dead, Dead Rising, Rock Bands....)

4. Sega Genesis (Mortal Kombat Series, Street of Rage, Golden Axe, Sonic, Shinning Force, Bulls vs Celtics...)

5. NES (Super Mario Bros. 1-3, Contra, CastleVania, MegaMan, Zelda, Tecmo Bow...)

Xbox 360 owners where will it place in you top 5 consoles and why.

1. PS2 ( Ratchet and Clank, Jak and Daxter, Final Fantasy X X-2 XII,)
2. Xbox 360 ( Halo, CoD, Final Fantasy XIII XIII-2, Star Ocean, Alan Wake)
3. PS1 ( Final Fantasy VII Final Fantasy VIII)
4. PS3 ( Heavy Rain, Uncharted 1,2,&3,)
5. Xbox ( Halo 1 and 2)

Second or tied first place with the SNES.

For me it is second if you don't include portables.

1st. Gamecube

Though the game didn't get much support, the amount of ridiculously time consuming games was unriveled. I spent dozens if not hundreds of hours player super smash bros melee, Tales of Symphonia, Phantasy Star Online Episode 1 and 2, Mario Sunshine, Animal Crossing, Pikmen, Pikmen 2, Metroid Prime, Metroid Prime 2, Mario Kart Double Dash, Need for Speed Underground, Godzilla Destroy All Monsters Melee. Every gamecube game I ended up buying was just fun to play period. And I actually enjoyed the entire first party lineup.

2nd. Xbox 360

For those who down own a gaming PC, the only way to play Left 4 Dead, and the only console with playable versions of Bayonetta, The Orange Box, Elder Scrolls, and Fallout. It had a bunch of quircky new IPs near launch. I loved Viva Pinata, Kameo, Lost Oddessey, and Tales of Vesperia. The only "big" console exclusives that I really enjoyed on the console are Fable, Left 4 Dead, and Halo but boy did I love them. Then there are the countless of amazing multiplatform games that graced the system. Once I started getting into PC gaming, owning an xbox almost felt pointless, so I sold it. But for the 5 years I owned it, it was the most fun I've had with a console. Gamecube beats it simply because I still play on it to this day.

3rd Playstation One

 (My first console. It could probably have been in first place had I got it when I was more educated in gaming when I first got it, but alas I was young, just moved to America, and only got what had appealing looking boxcovers. So while I absolutely fell in love with crash bandicoot, spyro, rayman, and croc games. I had to also suffer through scooby doo,power puff girls, and other licensed games.

1. (Tie) PS1 and Xbox 360 (Tomb Raider, Twisted Metal 2, Final Fantasy 7, Skyrim, Fallout 3, Halo 3)

1.) PS2
2.) PS1
3.) PS3
4.) X360
5.) PSP

Not even close to my top 5 consoles of all time. I am a 360 owner though, but it's my least favorite console I have owned.

It's not that high for me, definitely near the lower end, rather than the higher end, but that's understandable considering I'm not a fan of Western devs or the direction gaming has taken this generation and because I didn't buy the Xbox 360 anywhere near its launch, which is when it was at its best.

I would place it around 8th, just above the N64, and just below the Wii, handhelds not included.

EDIT: Give me another year or so with it and I'm sure it will jump into my top 5, I still need to play the Mass Effect trilogy and Lost Odyssey.

1. DS
2. Xbox 360 (these top two are roughly interchangeable for me)
3. Nintendo 64
4. Xbox
5. Super Nintendo

If we aren't counting handhelds, then move everything up one and add Wii at the end.

Easily my favourite.