For this price you must be mad not to!!
This is a mammoth of a console. It absolutley ROCKS! I have all 3 next gen consoles and have to say this is the best of the lot.
The wii is fun but its really only for children or those that want a fun way to exercise, very original games out for it but the graphics really don't do it for me and get bored with it very fast. Also the games that are out for it are TOO easy to get really into them, the only really good game out for it at the moment is Zelda.
The 360 is a great console with great games out for it but the only reason to buy this console now is for Halo 3. But the problem with the 360 is that it is too loud, it over heats and breaks too easily. I am on my third xbox and it freezes on me sometimes which I hate when playing a game. Also this console doesn't have HDMI connector which is really needed if u want the full graphics of your console. You have to buy the HD-DVD seperately (And atm Blu-Ray is WAY ahead of HD-DVD so its likely it may get discontinued in the next year or 2) and xbox will not be using the HD-DVDs to play any of their future games.
Now to the PS3, it has a Built in Blu-ray dvd player, it has exclusives like Final Fantasy XIII, Metal Gear solid, Home, Little Big Planet, Lair and even more over the next couple of years. Playstation have commited 10 years onto their PS3 so that it will keep on making games for it for that time. When you play a new game you have the chance to install so thats the game can run more smoothly on the console. You can connect your PSP (If you have one) to it. So save your trouble and get a PS3, it will save you money in the long run.