Now you know my bias:
The Xbox:
has superior hardware
has a HDD making it able to save games without memorysticks and save music to be used during games or downloadable content...
I definetly prefer the gamepads
has HALO
will have HALO2
has lots of other cool games
has really good sound quality (dolby 5.1)
works excellent as dvd player
most new games are available for both consoles, however microsoft issue some games only for the X-BOX (HALO, brute force, blinx,...)
And I think it looks far cooler than the PS2
The PS2 has more games, however as I said most new games are available for both consoles.
Now come and burn me people, I now there are some PS2 fanboys out there!!!
No, seriously I won't defend the X-BOX till death or anything near that, I just like my X-BOX (far more than my friends PS2). Oh and want as many other people as possible to get one so that there will be more and more games for it.
I don't have X-BOX live yet, I would really like to but you need a creditcard to get that and I don't have one. My girlfriend is really against credticards and I want to keep my girlfriend more than that I want X-BOX live!!
Hope I was helpful and not just some irritating fanboy.
If all else fails: Read The Manual