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I think the reason people cheer for a particular console is fairly basic. The purchase and use of a console and collection of games is an investment of both money and time. Humans, being competitive by nature and loving the feeling of success, want to feel that they made the best investment.

For example, I spent thousands of dollars and hundreds upon hundreds of hours on my Xbox 360 and the games I have purchased for it. I don't want to feel like that was a bad choice and that people who opted to invest in a PS3 made a better choice than me.