Yes the 360 is excellent... but!
I would hold fire for 2 reasons.
1. The PS3. It will redefine gaming, simple as that. While I am no fan of Sony generally, they sure know how to make consoles!
2. Since the PS3 is coming, how long before Microsoft drop the price of the 360, to get as many people buying it before the release of the PS3.
Oh and there is the little matter of Nintendos offering....
The PS3 will be overpriced and we europeans have to wait until spring next year before we can overpay for one. Feels like an appartheid for european gamers. Sony are self-abusers (IMO).
While the features on the PS3 look good, its nothing the 360 can't do at the moment, or cant be upgraded to do (except a blu-ray drive - but lets leave that debate until HD-DVD and Blu-ray have had their real battle).
For gaming re-definition, PC's have always led the way. They don't appeal to a mainstream audience though.
In case you hadn't noticed, I'm in the XB360 camp. If not for the features, then purely for the fact that Sony hate Europe.
Yes agreed, PC gaming is always going to be better.

I am no lover of either organisation but Sony certainly don't hate Europe. In fact the UK is one of their biggest markets, so they will not have delayed unless they had to.
Remember also the European model will probably come with more than the US model...at a price of course!
Overpriced? I think the 360 is overpriced right now. £199 is the price I am expecting it to drop to quite soon.
We always pay over the odds for new technology anyway, the price of being an early adopter.
As for the Blu-Ray HD-DVD battle? That will be interesting....