720p and 1080i are great, sure, but its not 1080p, and its not just about HD resolutions but about HDMI, 7.1 or better sound, etc.. Everything that makes the home theatre experience worth the thousands of dollars it costs.
You also don't need to act like a 10 year old fanboy.
"What'll Sony do then, huh? HUH!?! OH BURN, GO MS!"
When in this great 4-5 year life cycle does a console hit mainstream pricing? When do 3rd parties get to recoup the massive investments they're now making in game development resources? 4-5 year life cycles are a shit deal for everyone except a very small demographic of people who want and can afford the latest and greatest tech.
So yeah, I'll be playing PS3 or X360 (whichever has the best games, maybe both, hell, maybe even Wii) well into 2011, just like I'm playing PS2 now and will be well into 2007. I think the vast majority of the tens of millions of gamers world wide who make up this industry's prime constituancy agree with me. Longer console life means less money out of my pocket for hardware, more money for games. That makes everyone in the industry happy, except the losers of a generation.