Xbox 360

Not being able to share you XBLA titles (like you can on the PS3)

Favourite Console: Wii

Biggest Flaw: its to small :(  

nah not really, Friends Code and those dumb arse 3rd party's

2nd in command: PS3 

Flaws: updating everytime you put in a new game and sometimes it takes ages, 

it's a a digital distribution platform and support service, it's equivalent to PSN Wiiware of Xbox live ans yes OnLive. It is not a console examples of which would be the PS3, Wii or the OnLive micro console. ]

common definitions of console 

"A video game console is an interactive entertainment computer or modified computer system that produces a video display signal which can be used with a display device (a television, monitor, etc.) to display a video game."

" The portion of a computer or peripheral that houses the apparatus used to operate the machine manually and provides a means of communication between the computer operator and the central processing unit, often in the form of a keyboard."

"A cabinet for a radio, television set, or phonograph, designed to stand on the floor."

"the control unit of a mechanical, electrical, or electronic system: the console that controls a theater's lighting system."

which one of these does steam match? 

Tho interesting fact OnLive as a streaming service kinda matches the second definition as it does act as a means of communication between the user and the computer.

Like I said before Steam is not a console it's a platform.

Favorite: PS3

Flaw: Probably still the starting price lol.  It's done everything I've wanted, so can't think of anything else.  More Rpg's I guess?  But that goes for every console really...

You sig is so... disturbing!

There we go.

Favorite Console: PS3

Biggest Flaw: No Mistwalker game (360: last odyssey, wii: Last Story, DQ) whats up with the last?

   Under-used Sixaxis (devs seem to just forget that it exists)

   Blu-ray not maximized (only games that capitalize on Blu-ray are GT5 and FF13 i think)

   Needs a better chat interface (IM should be a better choice than the E-mail setup)

   Backwards compatibility for PS2 disappeared

So a piece of software is now a computer? Well you learn something new every day, I thought software ran on computers...

Virtualization is the creation of a virtual (rather than actual) version of something, such as an operating system, a server, a storage device or network resources.

Virtualization can be viewed as part of an overall trend in enterprise IT that includes autonomic computing, a scenario in which the IT environment will be able to manage itself based on perceived activity, and utility computing, in which computer processing power is seen as a utility that clients can pay for only as needed. The usual goal of virtualization is to centralize administrative tasks while improving scalability and work loads.

http://en.wikipedia.org/wiki/Virtualisation

Yep.

I was going to mention this earlier but I got sidetracked.

I am familiar with Virtualisation but steam isn't a virtualised  console (even tho the server side most defiantly utilises Virtualisation) the steam client runs on your computer and acts as DRM while offering community features, and the games run as normal on your computer that is not virtualisation and the server side doesn't run the games so that doesn't make steam a console.