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Wii

1. Underpowered
2. Graphics chip can't handle anything above 480p
3. Current game offering is favoring party games
4. Online is underdeveloped
5. With any Nintendo console, software delays

PS3

1. Potential of Cell
2. With less RAM for the GPU, 1st gen games still tend to look as good as 2nd gen 360 games
3. Great 1st and 2nd party support, as well as 3rd parties
4. Potential of Home
5. Potential of Blu-ray utilization

Another point I wish to make about the Wii. It is more powerful than the PS2, but developers aren't taking advantage of this, which is a big minus. With games as good looking as God of War 2, the Wii should be pushing out some gorgeous games. I don't want Nintendo developers to be the only ones maxing this baby out.

With PS3, if the Cell is as good as some Sony developers are saying, we could see some epic sized games coming out that are beautiful. Time will tell.