I think XBox 360 with XBox Live was very compelling when it launched in 2005 and it grew incrementally in value every year since
PS3 started with relatively poor value in 2006 with shoddy ports of 3rd party titles and online services that lacked trophies and cross-play chat. Now 3rd party titles are as good or better, and online is exceptionally good with most new games available digital, online gameplay remaining free, and really the only missing feature is cross-play chat.
Wii was just weak in online and 3rd party support for core gamers and who knows whether Wii U will begin to close that gap or not but no one should under estimate Nintendo.
I don't think any of them own the living room across the board but in my case video games own the living room with Netflix a distant second. I use the PS3 for non-gaming things like Netflix, Vudu, Amazon Instant Video and the like because it works perfectly on there and I don't have to have XBox Live Gold membership to use those features. The Wii is also free for such stuff but gives 480p instead of 720p / 1080p.
