I was gonna wait for the PS3 but the graphics on it and xbox360 are going to be about the same. Only thing PS3 brings other than its gonna cost $200 more is blu-ray..which is basically high def dvd playback. Personally Im running my "normal" dvds on my HD Sony Bravia now and they look incredible...so I dont see any reason to wait for the PS3 unless you want to drop a couple hundred more just for the blu-ray which isnt even gonna get full support for a few more years and by then a better format will have probably come out.