I've got an xbox hooked to my HDTV and connected to my audio system via Fiber out. Its awsome....
I also just got the kids gamecube and its perfect for them; controllers easier to handle.

The xbox is great for simulator type games, where the cube is set up more for arcade based games.

Nieces brought over a PS2 for Christmas to play. We were playing a game and when they shut it off and turned it back on we had to start all over from the begining and lost what we had gained (points, ect.).
I guess there is some kind of card you have to buy extra to return to the same place on the game when the unit is turned off.
I'm sure someone can elaborate more on this.

Cordell