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While I'm currently enjoying my 360 more than the other consoles this gen, I don't think that the xbox 360 can really be compared to the PS2. The ps2 had by far the greatest library of games for its generation. And by greatest library, I'm not just talking quality, but also variety. The Ps2 had games that could appeal to many different audiences. It had the best games in almost every genre. It had Jack and Daxter, Ratchet and Clank, final fantasy, Kingdom Hearts, God of War, MGS, Gran Turismo, and many other top quality titles that were the best of their genres, except FPS games. But the Xbox 360 is a really great console IMO, but then again I'm mostly an FPS player.

If anything the PS3 is on the right track. But I don't think that there is going to be a true king of this generation. The wii doesn't count. The Wii is basically a gamecube with motion controls. If you consider the Wii a console of this generation, than I guess you think the release of the playstation move and Natal will signal the start of next gen.