The Consumer Reports Agency has done all of the research for you.  Here is their take on the subject:

Our initial take. The Sony PlayStation 3 is an excellent Blu-ray player with the potential to become a very good gaming console. But the PS3's limited selection of games makes the Microsoft Xbox 360 a better choice for hard-core gamers now. Everyone else should consider the Nintendo Wii, which is more affordable and (probably) more fun.

For the entire review, click the link below:

http://www.consumerreports.org/cro/electronics-computers/news-electronics-computers/december-2006/first-look-sony-playstation-3-and-nintendo-wii-12-06/overview/1206_playstation3_ov.htm?resultPageIndex=1&resultIndex=1&searchTerm=ps3,%20wii%20and%20xbox