I have to say the Wii. Even a few months ago, the other two competitors (XBOX360, PS3) would've gotten more respect from me, but now they're trying to jump onto the motion sensing mechanic bandwagon that the Wii pioneered (although Kinect for the 360 involves a camera and not a motion-sensing controller, but that's besides the point).
Also the games for the other two consoles are far too expensive (rumors saying that $60 is the new $50 notwithstanding).
Oh, and X360s are WAY too flimsy. Mine is currently unusable because it won't boot up. I've never had a game console before that one just die suddenly like that.
Summary: My favorite current gen game system is the Wii.