If anyone else was following e3 on Gamespot (or anywhere else for that matter) the Xbox360 will be backwards compatible with 'top-selling' xbox games. Also the PS3 will be backwards compatible all the way back to the PS1.
IMO consoles are far better at particular types of games, platform/adventure games, I'm trying to describe Devil May Cry, party games like Mario Party, fighting games and some other quirky stuff. However RTS, FPS and I think detailed RPG's are the exclusive domain of the pc.
If any of you have seen the trailer to Killzone II (which you should have if you like games, its at gamespot), or Gears of War (Unreal Engine 3) on the PS3 and Xbox360 respectively it may seem that Console FPS is now an awesome reality.