Well I got an X-box for christmas, and I have to say it's the second best, only to a PC. Of course I'm biased, but this thing rocks. Built in hard drive = no more mem. cards. Built in hard drive = storing your own music on it then LISTENING TO IT DURING A GAME! Yes! as if it was the normal game music. Don't like the track? No problem, press one button on the controller and you've got another

Plus, you get a DVD player with it as well (for an extra $40 at least, but it's better than $200). Broadband is coming out this summer, so you can play it online with other people.
The graphics are amazing, better than my computer. Of course, it's 2 years old, but anyway.... but please, do yourself a favor, DO NOT get the Gamecube! Seriously, a PS1 would be better than a cube. Their games are horrible (except metroid) and the graphics look like they've been taken from a small child's game. X-Box is sooo much better....
Bottom line, whatever you do stay away from the Gamecube, I have a feeling it will become outdated very quickly, as the N64 did. PS2 would be my second choice, Gamecube would come in somwhere after the first Genesis.
I take back everything I said about it earlier, X-Box all the way. But I'm still a PC fan above all.