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The Wii not being DVD capable, and the friend codes. The friend codes take everything that is cool about online gaming, puts it in a bag, and beats it to death with a hammer.
The PS3 not being backward compatible, or at least the one that I own. I bought this actually thinking that I was going to be able to go out and buy all the PS1 and PS2 games that I used to love and play them. Well that didn't work out too well.
My biggest disappointment this gen is the RROD. I would have had a 360. Period. If not for the RROD. I am a big value kind of guy and you can't get more value than a 360. BUT, I am an even bigger reliability guy and I couldn't take the plunge knowing that I would someday possibly be looking at a RROD issue.