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Sony:

Good:
Making a really high end unit instead of a PS2.5
Waiting to release the system a year after MS rather than rush it out the door, ASAP
Creating the 40gb and selling it at a minimal loss.

Bad:
Launching with such high prices.
Launching with a pathetic library and little to back it up for nearly a year.
Continually releasing new SKUs.

Nintendo:

Good:
Launching with a reasonably priced system.
Making the system innovative.
Launching with quality games and having quality additions to the Wii library over the first year.

Bad:
Making a system that graphically isn't much better than last gen.
Under production of Wiis
Haven't produced enough titles like Wii Play and Wii Sports and have instead fallen back on Mario, Zelda and Metriod to push the system.

Microsoft:

Good:
Launched first
Has managed to pick up 3rd party support.
Has managed to make xbox live a strong selling point.

Bad:
Rushed the system out, resulting in very high failure rates.
Has had numerous problems with Live, continues to try and nickel and dime customers to death with xbox live and by making nearly all the content cost points.
Tried to push the system in Japan.