Here's how I see it...
Do you have an original Playstation (I know you said "recent console, but I'm unsure how you're defining "recent")? If so, do you have some classic PSone games you'd love to keep playing? If you've answered "yes", then the PS2 is definitely for you due to its backward compatibility. But, on all other points, I'm firmly in the Xbox camp. And here's why:
- superior graphics: yes, it's true that the Xbox has fewer games right now. but it has one significant graphical advantage over the PS2. Full-scene anti-aliasing (FSAA), once considered the grail of console gaming. FSAA will give you a much smoother, much nicer picture and the PS2 is flat-out not capable of it (FSAA eliminates the jagged edges in image display, just in case you didn't know

) for some reason, no one has yet deveolped a game that fully abuses the Xbox graphics chip. but it'll come. and when it does, it will be good.
- superior output: the Xbox is capable of HD output and digital 5.1 sound. if you've got a good A/V receiver, it'll all be worth it.
- hardware is NOT the same: I hate to argue Zappo (and I know I'll ultimately regret it...

), but the hardware comparison really isn't even close. you may want to check out
this link for a quick comparison. it doesn't cover everything, but it's a start. the Xbox has a core processor over 400 MHz faster, a clock speed double that of the PS2, a GeForce2-based graphics processor and an internal hard drive. all things the PS2 will ultimately make you pay for in the form of add-ons.
- breakaway controllers: may seem trivial, but I love this feature. (mind you, the controllers themselves take a little while to get used to) if you've got a lot of clumsy idiots running around, then can trip over your controller cables without sending the console crashing to the ground b/c the controller cables have a sweet breakaway feature to prevent this from happening.
- internal hard drive: no more friggin' memory cards. the internal 8 GB hard drive takes care of that problem. yes, the PS2 will eventually have a hard drive, but it'll most likely be external and you'll have to go buy it (prolly in the $40-$80 range)
Ultimately, the choice is yours. But IMHO, the Xbox has FAR more potential for growth than the PS2, because of the features I've mentioned above and more. Oh yeah, and the Xbox Live! thing is just seriously cool. Of course, Xbox is a microsoft product, and some people have serious moral objections to purchasing from Bill Gates. But I really think the Xbox is a flat-out better machine and we'll see its full potential slowly unlocked in the near future.
~Box