http://www.ew.com/ew/article/0,,20044621,00.html

Excerpts:

360
"Going forward, it'll get much harder for Xbox to stay on top. Nintendo is building some serious momentum. A year from now, it's conceivable there'll be more Wii consoles in people's homes than 360s. Sooner, not later, PlayStation 3 sales will begin to heat up too. And yet, despite the doom and gloom, Microsoft's machine is still the console to beat. For the most part, they've been doing everything right. Wii and the PS3 still suffer from a drought of top-shelf games, making the 360's solid lineup look even stronger. And when the competition rolls out a hit or two, it'll still be hard to match the 360's superb online network. The next six months bring a strong string of hit games, led by a Halo 3 onslaught. Add in a potential price drop later this year and we still like the Xbox 360. Our grade now: A-"

Wii
"While the Wii continues to dominate the sales charts, there are signs that the system is starting to lose a bit of its luster. The reason? Compelling new games have been few and far between. It's not surprising that we find ourselves playing most multi-platform games on the PS3 and 360 instead of on the lower-resolution (and sometimes gimmicky) Wii. Also, the lack of online play or other Wii Channel updates make us wonder if Nintendo is coasting when it should be strategizing to stay on top. Of course, just one hit — be it Mario Galaxy, Super Smash Bros., or the new Metroid — will have us reaching for the eraser. Our grade now: B-"

PS3
"No one can dispute that the PS3 is the most technologically impressive of the three consoles. In the scheme of things, a sluggish two or three fiscal quarters won't doom a machine. But a sluggish year or two most certainly can — that's when perceptions solidify into common wisdom. Really, there's nothing so wrong with the PS3 that a few breakout titles and some bold executive decisions can't fix. We lowered the grade — but can't help thinking that a few shiny stickers could still wind up adorning the PS3 report card this winter. Our grade now: B-"

A much more thorough breakdown of likes/dislikes and such is contained in the 3-page article, if you wish to peruse. 

nah, i don't agree. just stupid reasons really

Very stupid reasons. They also state, "No one can dispute that the PS3 is the most technologically impressive of the three consoles," when you could reasonable argue that the 360 has more fill rate, more general purpose CPU power, and a more flexible memory architecture with less OS overhead. While those things don't imply most technically impressive, they suggest most powerful for rendering games which some people would define as most technically impressive.

Further, they haven't even touched on the 360's lack of library diversity or reliability issues.  I'd grade thusly:

PS3: Very few exclusive games released so far.  Many of the games released on both the PS3 and 360 look and play better on the 360, but the future looks bright with quite a few top-tier game releases due out this year and next.  Among the PS3's biggest problems are the fact that most gamers outside of the hardcore are only familiar with a fraction of the upcoming big games.  Taking the near future into account: C+

360: With a year head start, the 360 has the most games (by far) and the largest installed base.  Technically the most powerful console, multi-platform ports will tend to look and/or play a little better on the 360.  For example, Assassin's creed will have better AI on the 360 version because of the extra CPU power, according to the devs.  The 360 is plagued by remarkably low reliability, even for a console where the average age of the installed base is less than a year and the 360's library thus far is not nearly as diverse as it should be.  No one knows what the future holds for 360 reliability, since Microsoft will not acknowledge it, but the 360's library has a bright future.  Taking the near future into account: B-

Wii: The Wii doesn't try to compete on the high end with the 360/PS3, but it has a unique control scheme which makes a lot of its games, such as Godfather, more engrossing.  The Wii has actually had a lot of releases for its age, but many of them suffer from short-development cycle syndrome where developers did not anticipate the success of the Wii and gave it lower quality games.  Some of Nintendo's third party efforts have disappointed (Mario Party 8), and some games have been delayed badly.  Still, there are many well-known upcoming and top-tier games and there have already been quite a few high quality releases.  Third party support has been good but quality has been bad, and because of this but taking the near future into account: B

I don't think any console launches have been executed flawlessly, but I think the 360 should have earned the best grade due to its year-long headstart and Microsoft has lost the most by fumbling in terms of library diversity and console reliablity.  Hopefully both will be addressed by the end of the year.

Agreed. Doesn't seem to have any real idea IMO ("year from now, more Wii consoles than 360s?" - try a month).

Doesn't mention 360 failure rates, DS influence, pricing, etc. 360 "doing everything right"? Wishful thinking...

altho this is just an opening for a new flamewar i think that the grades aren't usefull. its just personal.

if you like the games for the xbox 360 you like the xbox 360 if yopu dont like the game syou will most likely not like the console.

and A- for the xbox 360 is quite high considering the BIG faillure of the condsoles. alot are broken so an A- is to high.

and... we can only rate console when there are 3 new consoles so we know what impact they had and how good they realy were.

The only way this kind of comparisons can be done fair is at the end of a generation, when you put everything that happened during a console's lifetime together and make a list of pro's and cons. And I think a LOT of people would'n't agree with 360's A+ due to the faillure rate. And because the top guns for Wii and PS3 are yet to come, while the 360 has been around long enough to have a number of quality titles.

Minor issue, but the editor also has the Wii's price off by $100. That alone should give it an A.

BUNK! For the reasons you guys already mentioned. Besides, any time that just about anyone claims that the "PS3 is most powerful/technologically advanced" I automatically call bunk. I am not gonna buy that line until I see definitive proof. Like RE4 for GC and PS2-- that game is undeniable proof that the GC was more powerful.

All three consoles lack a "killer game" IMO. The Wii should have gotten higher marks for lower price and broad appeal / casual gamer appeal.

The Cell is like the Emotion Engine ~ an overhyped piece of garbage.

If you've never programmed on the Cell, you have no standing or basis to say that.