Yeah, it's got quite a few things going for it:
Earliest release (Fall 2005, whereas PS3 will come out Spring 2006 and the Revolution in 2006)
Cheaper than PS3 (Expected to be $300-$400, while PS3 is expected to be $400)(Revolution doesn't matter, as it just doesn't have the power to compete, but will probably be priced around $200-$250)
Xbox Live is a great thing going for it

The only things I see going against it are the lack of backwards compatibility, and that's about it. Microsoft said that some of the "best-selling" Xbox games will be able to be played on Xbox 360, though they didn't say how. PS3 is backward compatible, and Nintendo has said that you will be able to download games, for a fee, all the way back to NES.

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