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This will be my unbiased review.

PS3 will fail if:
1) 3rd party Publishers continue porting games from X360 and not fully unleashing the power of the PS3.
2) Sony continues their high cost production. Too expensive for a console.
3) Developers are not capable of developing games for the PS3.

X360 will fail if:
1) Sony comes strong with an online system far better and free. All the speculations of Home, we will have to wait and see.
2) MS continues producing unstable X360.

Wii will fail if:
1) Their new innovative controller craze wears off.

Advantages:
PS3: High content capability. Great graphics. Potential we have yet to see, thats if we will see it at all.
X360: Great online arcade content. Nice graphics.
Wii: Fun innovative gameplay.

Cons:
PS3: Very little games. Slow release.
X360: Poor QC. Probably reached its limitation with the games today.
Wii: Poor graphics and sound