If you want a system that doubles as a next-gen movie player, then you need to wait. The PlayStation 3 60GB is the only game system with a confirmed HDMI output and the only one guaranteed to playback all Blu-ray movies in full resolution. Until we hear more from Microsoft, the Xbox 360 can't promise to run HD-DVD content at its intended resolution.

Robertson said that Xbox is designed much like a PC with a closed operating
system run on Intel microprocessors. He argues that as it has done with PCs,
Microsoft is trying to make its software the defacto operating system in
gaming consoles. -  Mystery Man Revealed in Microsoft Xbox Hack Contest (2003)

As I said tho, WAIT! WAIT! WAIT! to buy the PS3, you heard it here first.