Call me crazy, but I think having two consoles competing for the same market is ridiculous.
In my opinion, there should be a console for the mainstream audience who see gaming as a past time when there's nothing else to do (AKA the Wii) and one console for those who are dedicated gamers that want cutting edge technology (Either the PS3 or 360).
There is really no need for the PS3 and 360 to both exist at this point. I'm sure someone will argue that the competition between the two is what drives them to keep innovating and while that's true to a certain extent, it also fractures the market via console exclusive games and causes everyone to spend a lot more money on systems than they really need to.
This is all probably a little pie-in-the-sky, but to be honest I'd be comfortable owning only one system this generation. (Bet you can't guess which one lol)
I own all 3 current systems and I can tell you that I don't plan on owning all three next time around. Buying the Wii was probably one of the biggest financial mistakes I have ever made. My PS3 I feel a little bit better about, as I've played a couple of good games on it but overall I could live without it. My 360 is the only system I've bought that I continually feel was worth the money.
Anyway, to sum it all up, I agree with SK -- there is no need for a console war or for console exclusive wars. Its stupid and pointless and I'm happy to see third party developers finally realize this. If there are going to be two consoles in the same market it makes perfect sense for third party games to be multiplatform -- it maximizes profit for third parties and benefits both hardware manufacturers that are competing in the space. I think we are going to see a continual movement of pressure being put on first party developers to distinguish their consoles with awesome first party games, rather than dumping all the responsibility on mega developers like Square to keep their (in this case, sinking) ship afloat.