The Xbox 360 is a really great console but I'm not sure if "best engineered" is the right phrase (the highest failure rate of all time). It's my 3rd favorite console ever (would be 2nd if the diverse exclusives had continued beyond 2008) but that's because of its superior controller, OS/interface, easy to develop for architecture and price. It's a better console than the PS3 in every aspect with the exception of its game library imo.
1. PS1/N64
2. PS3
3. Xbox 360
The diverse exclusives like Kameo, Dead or Alive, Project Gotham Racing, Dead Rising, Saints Row, Gears of War, Viva Piñata, Crackdown, Blue Dragon, Lost Odyssey, Ninja Gaiden, Fable 2 and The Last Remnant all stopped in 2008. From there on the only exclusives (besides Kinect games) were sequels of Halo, Gears and Forza.
Ironically PS3 really started to shine in 2008 and 2009 with exclusives like Gran Turismo 5: Prologue, Metal Gear Solid 4, LittleBigPlanet, MotorStorm: Pacific Rift, Valkyria Chronicles, Killzone 2, inFamous, Demon's Souls, Uncharted 2 and Ratchet & Clank: ACiT.
