Here's what I have noticed with my 360. First, don't get those games right away. Rent them and see if you like or get a demo from Live Marketplace.
EA rushed the sports titles for launch. I haven't liked any of them, will wait for 07 versions. Plus EA decided to not release NHL06 in order to work on 07.
The only game I have now is Perfect Dark Zero. Love it, I think it is awesome. Always been a fan of goldeneye and perfect dark on the n64.
I plan on Getting NFS Most Wanted, Condemmed, Kameo, COD2, and King Kong, but in a few months when they are cheap on ebay. I don't like playing $60 for game and I am willing to wait to get them cheaper.
I like the Fight Night demo, that's a tempting game to get.
However, I might buy Ghost Recon this week. The other soon to come games I will look into getting are Blazing Angels, Burnout Revenge, Dead Rising, and Elder Scrolls Obvlivion.
As for the arcade games. I have Geometry Wars and Marble Blast. Geometry Wars is pretty cool. Marble Blast will get old once you have done all the levels, but it does have decent multiplayer to keep it going.
As for revolutionary gameplay and graphics... Gameplay: right now it's mostly sport titles, arcade racing, anf FPS. Nothing really new or unique. Kameo is a platformer and is prtty good. I've been playing Condemmed at a friend's place, it's a pretty scary game. Graaphics: They are good. You do have to realize that these are launch titles right now. No launch title has ever taken full advantage of the system (just compare super mario bros 1 ro 3

), The King Kong looks awesome. Fight Night is beautiful.
I also got the 360 because I am going to phase out playing games on the PC. Too expensive to keep up. And I wanted something that had awesome networking capabilities. Yep, Sony is suppose to come out with a "Live killer" network with the PS3. Honestly, Microsoft has had several years of real life testing and bug fixing for the Live system with the original xbox, do you think Sony can be better on the first shot? As a programmer I can tell you if another company has a 4 year head start it is a huge uphill climb to make something better.
I also am thinking about getting the Revolution too. It's Nintendo, and if it is going to be as cheap as the rumors say it is going ot be that's a no brainer.
As for price I don't see the system dropping in price for at least another year. And I don't see the PS3 being cheaper than the 360. You do realize these are very powerful machines. You couldn't build a PC as good as them for twice as much as they cost.
If I sound like I am negative towards the PS3 I am not. It will be a good system. The fact that it will be backwards compatible is going to be a strong selling point.
I plan on getting a PS2 after the PS3 comes out. I've been wanting to play katamri and some other games. Also a friend of mine tried out HD Loader this weekend. Pretty cool to legally, without a modchip, play games off the hard drive.