The only modern consoles I have are the PS3 and PSP. Sony systems simply have the games I wanna play, nothing more, nothing less. I gave up on Nintendo in the mid 90's, but if they have the games you wanna play, more power to ya! The 360 has some great games, it just doesn't have enough that I wanna play to make me go out and spend a few hundred dollars on it. I've always been about buying the console(s) that has the games that I wanna play. I will get a Vita eventually when the price comes down.
As far as my opinion on modern gaming goes...I don't believe for one second that tablet/smartphone games will replace console games, there's simply no comparison. Touch controls are fine for simple games like Angry Birds, but I much prefer a controller for my gaming. The gaming market is big enough so that both can co-exist. I don't like the industry's attempts to destroy the used game market and retailers with these online passes and releasing games digitally. I don't buy many used games, but trying to kill off the used game market is going to hurt the industry as a whole. Digital downloading of cheap, retro games is fine by me, but downloading a full retail version of a game like Uncharted 3 is a joke. The files are too big, they take too long to download, they take up too much room on your disc drive, a lot of people like me prefer going to a retailer and picking up the physical copy of a game, and not everyone has high speed broadband access. Among the current consoles, like some people have already mentioned, the PS3 and 360 are almost the same, but I would give Sony the edge for better exclusives. The Wii isn't even worth talking about. I'm not huge into handheld gaming, but the PSP was an up and down thing for me. It has a great library of games, but they took too long to come out and the lack of dual thumb sticks made most games very awkward to play. The Vita looks promising, it just needs a good price drop and it'll start selling more.