What I see is a sales point.
Having good exclusives and being able to say that those games are only on your platform does indeed help the console.
Being able to say "Halo? Gears of War? You'll need a 360 for that" IS helpful for the 360.
It may not be the deciding factor for most people, but the more you have, the more enticing your console may become.
Of course, if you go "we have HAZE!" you won't score a lot of good points, but the fact that several games only come on one console does push quite a number of people towards a console.
Add in good marketing so that people actually know that certain games are tied to a specific console and you've got yourself a winner.
The 360 has good marketing and knows that tying big hits like GoW with "exclusive" helps.
Sony, with their usually arty-farty ads doesn't come through at all, which makes having good exclusives (you can't deny that they have them) less striking, as people will often go "uhm... what game are you talking about? LittleBigwha? never heard of it".
(good) Exclusives + decent marketing = what sells consoles.
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