Finally, they’re all here. The Xbox 360 has had the next generation gaming market to itself for a year. Now its two competitors, the Playstation 3 and Nintendo Wii, are here. No more speculating about speed. No more guessing about memory. Now we can take a look and see exactly how they stack up compared to each other.

Let the console wars begin again.

Price

The PS3 has two configurations much like the Xbox 360. The PS3 comes in a $499 version that comes with a 20 GB hard drive and a $599 version that comes with a 60 GB hard drive; Wi-Fi; and memory stick, SD, and Compact Flash slots.

The Xbox 360 has two configurations. It comes in a $299 core version and a $399 version that comes with a 20GB hard drive.

The Nintendo Wii is the cheapest of the bunch with just one configuration that costs $250.

Processing Power

The Playstation 3 comes with its Cell processor. It’s a PowerPC based core that runs at 3.2 GHz that also have seven DSPs that run at 3.2 GHz. This configuration can do about 2 Teraflops.

The Xbox 360 has a Custom IBM PowerPC processor. This processor also runs at 3.2 GHz. However, Xbox went with a true 3 core processor compared to the one general processor of the Cell and seven additional DSPs. This configuration can do about 1 Teraflop.

The Nintendo Wii includes its Broadway processor, a PowerPC based processor running at 729 MHz.

Disc Media

Part of the reason the PS3 is so much more expensive than the Xbox 360 is because the Sony decided to include a Blu-ray drive on the system. The drive can play both Blu-ray movies and regular DVDs. The Xbox 360 comes with a DVD player and an HD-DVD add-on is planned. The Nintendo Wii uses a DVD drive; however, the system will not work for playback of movies, just Nintendo games.

Backwards Compatibility

The Playstation 3 is just like the PS2 was. You’ll be able to play both PS2 and PSone games on the PS3. Nintendo is taking things a bit further. Their system will be compatible with the Gamecube games and also the Gamecube controllers since the two systems use very different controllers. Not only that, but the Wii will also have the ability to download games from the original Nintendo (NES), Super Nintendo (SNES), and the Nintendo 64.

Sweet Features

If you want high definition gaming, then the PS3 is the way to go. It comes with a Blu-ray drive built in and can output in 1080p. Although the PS3 controller may look familiar, it’s had some updates. The controller is now motion sensing so in some games you’ll be able to move your character or fly a plane just by moving the controller.

The Xbox 360 was built to work with Windows XP media center. If you have a computer that already has media center on it, you’ll be able to view pictures, videos, and even recorded TV by using your Xbox. You won’t need to put your PC in your living room to take advantage of having a Media Center PC.

The Nintendo Wii decided to completely change the way gaming controllers are built. In the past, one controller was always held with both hands. The Wii’s controller looks more like a TV remote control than a game controller. It has a built in motion sensor so, for example, to swing a sword, you simply move you hand just like you were really swinging a sword.

Hopefully this review has helped you compare the three next generation gaming systems. Each has its pluses and minuses, and feature that are unique to it. Ultimately, your decision will likely come down to which system has the games that most appeal to you. And that is a decision that only you can make when deciding on a system to buy.

Gary Ruplinger is the editor of PS3ASAP.com To learn how to get a Playstation 3 before Christmas without having to wait in line for two days or pay $2,000 on eBay, visit PS3ASAP. If you want to learn how to buy the PS3 at wholesale prices, be sure to visit his site.