yahooo !!! atlast I was able to get my hands on the next generation gaming console !!! It's a PS3.. After debating between a Xbox 360, Wii and PS3 I ended up getting a PS3.
When I decided to buy a next generation console, I started with Wii since I have been reading very good reviews about the controller, but I could not find it in stock in any of the shops (Best Buy, Circuit City), so I decided to go with PS3. Hope it would turn out to be a good choice over wii and xbox 360.