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Domination is important to me because I perfer it doesn't happen.

Healthy competition insures a better product. This has become even better with the Wii carving out a large percentage of the userbase because it's so different which means more console exclusives which means the games are going to have to be different as opposed to just having one game and then 10 clones of it.  Instead you have two original games with 5 clones of each.  (It's slightly better!)

Consoles being drastically different combined with healthy competition is a dream to someone who wants to be a multi-console owner if you ask me. I hope that either 360 or PS3 pull off something that drastically sets them apart from the oldschool gaming console as well next generation.