For now, I'm with Squish on this one. The 360 just seems like it came out way too early, and MS is conceding the one huge advantage they've had: in the current-gen, the XBox was the graphics powerhouse. Every multiplatform game looked best on the XBox. This most likely won't be true anymore, though it's hard to actually say. The PS3 will almost cetainly have better capabilities than the 360, but we don't know about the Rev. In any case, the differences in capability won't be as apparent as they have been. Think about it; when we were comparing a 333MHz system to a 733Mhz system, there's a huge difference, but if you compare, say, a 2.5GHz system and a 3GHz system, the difference starts to become academic.
Anyway, yeah I wonder how it will turn out with MS having first launch. First launch has traditionally not done well. The original XBox could have easily run right up to the PS3 launch. The fact that MS did do this suggests to me that they didn't think they could compete with Sony on equal footing, and wanted to build a customer base ahead of time to have an advantage. There's also the possibility of a price drop; even a $50 price drop near the PS3 launch would have an impact.
When it comes down to it, specs have never won anything. The PS2 is the undoubted champion of the current-gen, and it has the worst specs (unless you include the Dreamcast). It's all up to what you can offer gamers in the way of content, and in this round it seems like it will not only be games that are the deciding factor but also online capabilities -- but this too can make less difference than planned, just ask Sega. Nintendo is the wildcard, because it seems liketheir plan is to bring gaming back to its roots with fun, immersive play. Let's be honest, if you haven't been playing games for the last five or ten years, you're going to look at the Xbox or PS2 controller and be turned off by the complexity there. The Rev controller suggests a natural simplicity and undaunting concept that could make it the crossover console. There's a reason games like Dance Dance revolution are popular amongst "non-gamers", and it's because they're easy to learn and they make sense. So we'll see where that goes.
It's a bit too early to call. Bill Gates himself predicted that the next console war won't be decided until 2007.