For me it would be:

Favorite Console: PS, Wii, PS2, Xbox 360, PS3, GC, Genesis, NES


Favorite Portable: DS, GBA, PSP GB.

still 5th and 6th gen for me, hope next gen is better than this one i want more games to focus on game play instead of always the same outcome set pieces, liner gameplay, and have better and more challenging AI

consoles that i feel will be remembered as the greatest of each gen

3rd nes
4th snes
5th ps1
6th ps2
7th 360

Portables:
1. DS - Hands down, by far, and my second favorite system ever.
2. GBA
3. GB

I haven't played PSP enough, only some random times.

Consoles:
1. SNES - Untouchable.
2. Gamecube - My son.
3. Wii - A distant third.
4. PSX - Shameless emulation.
5. PS2 - My cousin, who lives next door, had it.
6. PS3 - Same as #5.
7. N64 - Most overrated console ever.
8. NES - Cool, too dated though.

For me consoles and handhelds are not mutually exclusive to my list:

1. NES
2. SNES
3. DS
4. Gamecube
5. GBA
6. Genesis
7. N64
8. PS3
9. Wii
10. X360

The Wii is pretty much placed for good, but there's still a chance of PS3 and 360 moving up a little due to the fact that there are plenty of games still being added to their libraries that could bump up their placing.

All I can speak for is last gen.
My favorite last gen. was GameCube ( Really awesome games, great memories, bad sales.) and Gameboy SP ( I only played Nintendo handhelds back then, there were no Sony handhelds... derp.)
This gen. it is Wii and DS (Of course, PSP I found boring and I only played a few games on the PS3.) (I will never play an X360.)

"First Generation      
Second Generation 
3rd: NES/SGG      
4th: SNES/SGEN      
5th: PS1/N64/SGCD/GBC 
6th: PS2/Xbox/GCN/SDC/GBA      
7th: PS3/Xbox360/Wii/NDS/PSP"

You left a lot off, and some of those where my favorites. So I'm going to fill in your generations list with only the big ones you missed and then say what my favorites are.

1st: Odyssey/Pong

2nd: Atari VCS/Colecovision/Intellivision

3rd: NES/Sega Master System/Atari 7800

4th: SNES/Genesis,Sega CD,32X/TG-16/Neo Geo/Gameboy/Lynx/Game Gear

5th: PSX/Saturn/Jaguar/N64/GBC

6th: Dreamcast/Xbox/PS2/GCN/GBA/Neo Geo Pocket(Color)

7th: PS3/Xbox360/Wii/NDS/PSP

My all time favorite console is the Sega Dreamcast and my favorite portable is the original Gameboy.

It's hard to choose because I haven't been a hardcore gamer since this gen. I have played games from as old as NES but I think my favourite Gen was the last one (GC/PS2/XBOX/GBA) I had a GC, PS2 and GBA and the amount of games I used to play on each was amazing for me at the time. I think that is what made me the gamer I am today. I was introduced to my favourite series (Zelda) that gen through wind waker and it was also the gen I converted to being a nintendo fan. My favourite console was by far GC. It was just so amazing!

There wasn't enough interesting things in the games that I played to make them memorable.

Same thing happened to me. I got a PSP but barely played it and eventually gave it to my uncle.

Don't worry about it. I just added Game Gear since I somehow forgot to type it even though it was on my mind. Love that thing.