I have all three. As far as hardware goes, the PS2 pales in comparison to the Xbox, and even the Gamecube. The Xbox in the undisputable winner in terms of hardware; games that come out for both the PS2 and the Xbox ALWAYS look better on the Xbox. You can quote me on that.

In terms of games, PS2 still has the edge, but Xbox is starting to compete. Gamecube is in its own little happy-fairly-la-la land, sadly; more third party licenses would be nice.

Hardware:
1. Xbox
2. Gamecube
3. PS2

Games
1. PS2
2. Xbox
3. Gamecube