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Such an evenly matched trio of hardware makes for the perfect time to reignite the ultimate question for prospective video game console buyers: Which home console should you buy?

This question doesn't necessarily have a definitive answer. Quite frankly, the answer could be any of the three. In other words, there is no default "best console." It's about finding the one that's right for you--and what will be the deciding factor in your case will ultimately depend on what you plan to use the console for. That said, in lieu of detailing every last bit of functionality that each console offers, let's discuss the type of person we think would benefit most from each console.

Nintendo Wii (US$200)

While the recently discounted Wii isn't regarded as a "hardcore" gamer's console, the system has served up some pretty compelling titles over the past three years, like Super Mario Galaxy, The Legend of Zelda: Twilight Princess, Metroid Prime Corruption, and Super Smash Bros. Brawl. We are looking forward to games like New Super Mario Bros. Wii and Super Mario Galaxy 2, but big name titles like these are few and far in between.

All things considered, the Wii has become best known for its addictive party games, the occasional fitness game, and shooting titles that emulate light gun arcade games. The amount of first-party Nintendo titles is small and a large amount of third party games are written off as gimmicky cannon fodder.

The Wii's online multiplayer experience isn't anything to write home about, but we definitely recommend playing Mario Kart Wii online. Unfortunately, the Wii's 16-digit friend code system did not catch on with most gamers. The established Virtual Console offers an impressive amount of classic games from various older gaming systems and WiiWare provides a platform for inexpensive titles from independent developers.

Aside from games, the Wii doesn't offer much in terms of additional functionality. It can't play DVDs or CDs, and its only streaming media compatibility comes from PlayOn's third-party PC software.

Xbox 360 (Elite US$300, Arcade US$200)

The Xbox 360 still remains the better-selling of the two powerhouse consoles of this generation. This is partly due to the system going on sale an entire year before the PlayStation 3 and because the console did have a much stronger lineup of exclusives early on in its life cycle. Also, at launch, Xbox 360 was considerably more affordable than the expensive PlayStation 3.

With over 17 million members worldwide, Xbox Live is the most complete online console experience available today. The caveat is that the "Gold" Membership tier--required for online gaming and access to the best perks--requires an annual fee of US$50. (By comparison, the Sony and Nintendo online networks are free.) Like Sony's PlayStation Network (PSN), Xbox Live offers downloadable games (both casual "Arcade" titles and full games) and game addons (downloadable content, or "DLC"). (Note that you'll need a hard drive to fully enjoy most of these features; the Elite includes a 120GB model, but it's a separate purchase for the Arcade).

In terms of additional functionality, the Xbox 360 is currently the only console to offer Facebook and Twitter applications. You can stream digital media from a networked Windows PC, and the 360 can double as a full-on Windows Media Extender for those running Windows Media Center on their PCs; third-party products such as PlayOn and TwonkyVision can also expand the 360's default streaming capabilities. Xbox 360 will also recognize most music players and hard drives, so you can manually plug these types of devices into an open USB port and play music, photos, and videos right on the console. However, unlike the Blu-ray capable PS3, the Xbox 360 can only play standard-definition DVD movies.

Beyond all of its impressive media capabilities, the Xbox 360 is also an excellent game machine. Most triple-A titles are available on the 360, save for a few PlayStation 3-only games, and the games generally look as good as or better than their PS3 counterparts. The console also has its fair share of exclusives, including the Gears of War, Halo, Forza, and Fable series.

PlayStation 3 Slim (US$300)

There's no doubt about it, the PlayStation 3 did not get off to a great start when it was released in November of 2006. Fast forward almost three years and the console has definitely righted the ship. Now available in just one US$300 model (a 250GB kit is launching in Japan), the PlayStation 3 Slim offers a solid library of games such as the Uncharted and Resistance series, access to the PlayStation Store, and one of the best Blu-ray players on the market. (It also plays DVD movies and CDs, of course.)

While it may be totally free, the PlayStation Network doesn't necessarily provide you with the best online gaming experience around, but if you don't consider such a thing important, its offering is more than sufficient.

Like Xbox Live, the PlayStation Store is host to tons of movies, TV shows, demos, and downloadable games. PlayStation 3 also offers Home, a "Second Life" sort of experience where you can set up shop in a virtual world. While Sony had been hyping the feature for years, PlayStation Home is now generally regarded as a dud.

Just like the Xbox 360, there are plenty of ways to get digital media streamed over the console via a home network or a third-party product like PlayOn. You can also hook up a device via USB and play media that way as well.