Nothing I've seen for Xbox 360 makes me want to spend the money and get it when it first comes out. They showed DOA 4 and it didn't look much better than on the current Xbox. Gears of War does look good tho. I'm not really interested into all the online content MS seems to be pushing. I think they are failing to realize it should be a gaming system first and not everyone cares about designing and selling clothing for game characters.
Now with the PS3, it blew me away. It's a huge step up from the current consoles. Killzone 2 and Fight Night 3 look amazing even if it's more CG than actually gameplay. PS3 is still a year away. Xbox is less than 6 months. Not to mention that PS3 is BlueRay. So the future is much brighter. I would expect MS would have to launch another console in 2008 to be competitive with the PS3. As game developers start utilizing the Blueray the 360 will quickly become obsolete.
So far the best game I've seen is the Formula 1 game for the PS3. It was breathtaking. I'm trying not to get my hopes up tho since like most F1 and rally games it probably won't be sold here in the states.
Sorry I'm video game junkie. E3 is an exciting time for me.