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I actually think the original Xbox is a bit underrated. It has arguably the best launch game of all time with Halo: Combat Evolved, a lot of great exclusives, and a bunch of PC ports unavailable on PS2, GCN, and Dreamcast. I played Morrowind and Half-Life 2 first on Xbox, for example.

That said, X360 has a better, more flexible gaming scene, with outstanding first-party titles in Halo, Gears, and Fable, a bunch of unlikely Japanese exclusives, and a robust XBLA.