PS2 = Final Fantasy, Gran Turismo, every develloper on the bandwagon
XBOX = Halo
I also will bring the GameCube into this because although it currently has a shortage of games that is supposed to change. They have Square develloping for them again, Mario is almost done, as is Metroid, Zelda, and the sequel to perfect dark.
If I had $500 to spend right now for a system, although I love Nintendo's games, I would choose the PS2 without hesitation. Next year if given the same option (and assuming Nintendo hasn't delayed all thier games for another year) I would probably pick up the Cube and a pile of games.
Graphically speaking there is not enough of a difference between the three systems to use that as a descision maker. One may be able to push a higher amount of polygons (XBOX) another can run 8 different layers of texture mapping for more realistic looking surfaces (Gamecube) But look at Final Fantasy 10 and tell me what games look more pleasing to the eye. It's all in what the programmers do with what's given to them.
BTW if you do decide to get a PS2 try Jak & Dexter, it's great
If you get an XBOX, get a new controller, and Halo.
If you get a GC, wait about a year and you'll be swimming in awesome games (again assuming Nintendo doesn't secide to delay everything again)
