I think the X-BOX 360, being released soon will have a major hold on the market, and I think will be a very good console.
The Playstation 3 though when released does have the same amount of features, and so this might hold the edge, since playstation owners will aim for this, and it should be slightly more powerful than the X-Box 360. Not really in graphics though, but in raw performance, which may allow more to be going on at once in terms of physics, etc, which i think will play a big part.
For the moment, the Revolution with no idea of the hardware or specs hasn't really been hinted on the mind yet, as to if it'll beat either one of the above.
The X-Box 360 and PS3 though will be competive, and I'm sure none will fail, but we'll see if one comes out better in the near future
I mean, the PS3 has more processor power, but will developers be able to take use of all of it?
One thing that lets consoles down is the RAM factor... why don't these have more? They'll still be forced slightly down because of this, and might stop some developers getting what they want over the PC.
PC over Console:
I do play PC games as well so this isn't biased, but there are times in which I like to sit down in the living room and play games on the TV, especially since a load of people share the PC and so you don't get as much time on it as you'd like, and so, consoles are the next best choice as these may be just yours.
Plus, I tend to get distracted when on the PC to doing other things other than gaming.