The Totally Inaccurate Description of the Current Console War

Gamecube:

Great graphics
Decent third party support (most of their third party support is multiplatform games)
Excellent first party support (dude, its fucking nintendo!)
Terrible multiplayer (No online play. Saaaaaaad).

X-box:

Excellent graphics (PC in a box, and that's a good thing)
Great third party support (Lucas Arts loves them, and the graphics allow lots of ports from the PC)
Good first party support (mostly Bungie, Topspin and MechAssault)
Excellent multiplayer (Online is so well integrated...)

PS2:

Good graphics (not as good as it should be for this generation)
Excellent third party support (Japanese developers LOVE Sony. LOOOVE)
Good first party support (on the same level as Xbox: a few amazing titles, but not enough for sustained success)
Great Multiplayer (In that they have online)

Now, I realize that I may be a bit biased for the X-box, since I have it, but the current edge is in favor of the PS2. Its all about the games.

Poor Nintendo. Good luck next time...