I've got a PS2 and an XBox. Used to play the PS2 all the time... until I got an XBox. I basically just play FIFA on PS2 now, that's about it. XBox Live is sick... I love playin NFL Fever against other people, not just the computer. Saying that it's new and that it doesn't have games may be *somewhat* true at this point, but it's not really a problem. Obviously a system is only as good as its games, but the games that do exist for XBox are pretty damn sweet. Also consider that it's Microsoft, and can get just about every game developer to write for them, the future is lookin pretty good. They've already got good shit lined up, so it's not a worry.
The only downside I see to the XBox is the big goofy ass controller if you got it when it first came out. I don't have enough money to get one of the sexier small ones.