I love my Playstation and will definately get a Playstation 2, though I don't play as much as I used to because of lack of time. Except for games like Starcraft or Escape Velocity, I actually prefer gaming consoles for the variety of games and the controller options. Besides, the big screen is nice.
If you have N64, wait for a PS2, which will be backward-compatible with PS games.
PS2 will be a smoker; new PS2 game, backward compatible with old PS games, plays CDs, DVDs, component-video outputs and, this Spring, will be upgradable to Internet capability. This will (definitely) allow users to play other PS2 equipped users online and (may) offer browser functionality as well.
Definitely Dreamcast. Why? I burn my own games downloaded off the internet, can watch movies on it (again downloaded from the internet), and it's damn cheap.
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