I haven't voted because I don't understand or recognize the term. The 'wars' have been around since the year dot, I still remember such talk from the commodore 64 and spectrum years, but all I did then was load Magicland Dizzy or the latest Your Sinclair covertape and play some games.
If we're talking how each console is going to do, then I think the three will do fine in their own rights - no DC divebombs in this generation.
The Wii has homeland popularity and the Nintendo back-catalog of franchises, but will probably have much smaller third-party support (GC revisited). Here, it's cheap and is getting released for chrimbo, it'll shift units regardless. Nintendo's going nowhere.
The 360 will build upon what the Xbox (appeared to be doing), gathering Western developers and concentrating on Western gaming tastes whilst garnering a lot of third party support and getting some Japanese games - more Japanese games this time round.
The PS3 will start off slow, till little Johnny and Jessica can sell their kidneys on the black market and buy one. It'll launch in March since Euro-gamers are turds (apparently) who are less important than Japanese or American gamers, when many are still recovering from Christmas. With a small starting catalogue of games, it's going to be an expensive luxury. PS2 games will continue to be released to cover the overlap. Christmas 2007, it'll shift some units and start its inevitable crawl upwards in terms of sales and games released. Eventually the price will fall and the pace will quicken.
Which leads us into the same position we're now in, but possibly with the Wii outperforming the GC and the 360 wooing more fans of Japanese games, stealing a small amount of Sony's thunder.
Hopefully publishers like D3, 505 GameStreet and Koei will continue to service us brits with niche-market gubbins, signs are they will, in which case I'll personally be holding out for the console with the most releases.