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Well, I'd probably go on enjoying the Wii and the PS3 like I'm going to anyway.  Next generation I'd wait to see what happens because at this point I honestly have no idea what that's going to be like.  I didn't know about blu-ray when I got my PS2.  Next generation is a mystery, this one is pretty safe no matter which console you get.  I'd like to play Mass Effect on the 360 and probably some other games I can't think of right now (I'd rent Gears, Lost planet, and crackdown), but I'm glad Bioware is apparently developing for PS3 and perhaps Wii.

I don't think the Wii is going to dominate.  People may view the PS3 as a loser if it doesn't dominate, and maybe Sony does too, but I still think the PS3 may end up selling more than the Wii.  But, if the Wii does win I won't be crying because I'll still have the winner and enjoy a lot of games.