The October issue of Wired mag has a nice succinct nerd encyclopedia that does a fine job of defining things in a single sentence. Game-wise, this is what they've got on the seventh generation consoles:

Wii. A motion-sensing controller, simple games, and a low price make this the top 7th-genner.

Xbox 360. Brilliantly conceived online-community features give this box sizzle.

PS3. Stellar specs can't make up for the high price and late release — a missed opportunity.