PS3: Blu-ray
Thumbs Up: Amazing definition and picture clarity. Built into the PS3 console.

Thumbs Down: Load times can be long. Menu/Interface options still have a way to go and are simplistic. Up in the air if this will be the next major home movie format.

Wii:
There currently is no DVD or high definition disc options on the Wii, although an upgraded Wii may come in the future with a DVD drive built-in.

Xbox 360: HD-DVD (note: this is not included in the Xbox 360 console, but available as an add-on for $199)

A DVD drive built in the Xbox 360 console. The HD DVD drive add-on is available for $199 (and currently includes King Kong in HD-DVD for a limited time, as well as the Universal Media remote).

Thumbs Up: Amazing definition and picture clarity (yes, it sounds the same as the PS3’s Blu-ray description. I do not notice the visual difference from a Blu-ray’s picture to an HD-DVD’s picture, at least with my HD CRT screen). Slick menus and bookmarking options.

Thumbs Down: External add-on bulks up your 360’s shelf space. Up in the air if this will be the next major home movie format.