Oooh, tough call.
I would put it like this:
1. Microsoft - They've really gone all-out this generation keeping the price competitive, wooing third parties, and constantly updating their console with amazing features that expand its use (Netflix and that sort of thing).
1a. Nintendo - Brilliant hardware, innovative controls, amazing first party stuff. Where they lose just a bit of my respect is their atrocious online system and their apparent inability to convince western third parties to really go all out on the system. Unfortunately, this is also mirrored by Nintendo itself with very few games announced that cater to my personal tastes (until this E3).
3. Sony - They keep getting better and the PS3 is really becoming a competent machine but they started off with such a handicap that it's proving hard for them to gain much ground on anybody. They'd be in a much stronger position if they didn't go such an excellent job of shooting themselves in the foot so many times over the first 12 months of the PS3's life.

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