Just on sheer power (specs) the Xbox is far superior to the PS2. In the past it was difficult to see because game developers like EA would port a PS2 game to the Xbox, i.e. Madden. Now with the pendulum swinging towards the Xbox more games are being developed for the Xbox first then ported to the other lesser systems. The latest buzz is that more developers understand that games being reproduced on the Xbox will be next to impossible to recreate on the PS2. For example, games like Halo 2, Doom 3, Riddick, Half Life 2, and Far Cry, these games would make the PS2 explode but they are being accurately done on the Xbox.
The final nail is the online experience. I can write a thesis on how much better Xbox Live is over Sony’s offering. The bottom line is this; the Xbox was design with online game play in mind from its conception. On the other hand Sony and Nintendo didn’t think there was a future in online gaming so they had to scramble to get something to the market after M$ early success. Consequently both of their online plans are piece meal at best.
One thing I will give Sony the edge over Microsoft is their ability to sell a lesser product to the masses. They are a master of advertising, however things are changing slowly and the first sign of that is EA fully supporting XBL.
This is a really a good time to be a gamer and you can’t go wrong with selecting the Xbox, I am just glad I was smart enough to do it sooner rather than later.