Christmas is coming early for videogamers this year. November 17th will see the arrival of the two most anticipated releases of the year - Sony’s PlayStation 3 and Bungie’s Halo 3. These two releases, as well as the scheduled debut of Nintendo’s Wii console on November 19th, will officially mark the advent of next-generation gaming.

The release of the PlayStation 3 has long been postponed, plagued by troubles Sony has had in perfecting its many new technologies, but if it performs as well as its specification numbers boast, it will have been worth the wait. While rival Microsoft’s Xbox 360 boasts numerous advances over its predecessors, including the use of High-Definition DVDs and eight times the amount of RAM (and thus power) of the original Xbox, the new one is still fundamentally just an amped-up version of the original technology. PlayStation 3 is the first console that has completely re-envisioned console technology. Where previous systems had single-processor units, PS3 uses a multi-core processing system to spread the computing workload. This new core, dubbed the “Cell Broadband Engine” should make the PS3 more efficient and much faster than the existing systems, including the Xbox 360.

Strictly by virtue of technological innovation, then, the PS3 is the superior of the two systems, but the video game industry is one increasingly defined by brand loyalty, and when it comes to games with a following, there are few to rival the wildly popular Halo series. The last installment of the game topped $125 million dollars in sales on the first day alone, putting it among the top five best-selling games ever, and it has since sold over six million copies worldwide. Microsoft, which has an exclusive right to the Halo franchise, is no doubt hoping that Halo 3 will buoy demand for the Xbox 360 to offset lost sales to Sony.

Sony, however, doesn’t appear to be concerned. The PlayStation 2 is still the best-selling console on the market, and with the PS3’s ability to play all PS2 and original PlayStation games, Sony is not likely to lose customers to a new Halo alone. In fact, Sony’s biggest obstacle against sales is self-imposed: The PS3 boasts an exorbitant price tag of $500 for the baseline model and $600 for the upgraded model. When compared to the Xbox 360’s price of $300 for the core system and $400 for the upgraded system, it’s easy to question whether the PS3’s technological advantages are really worth an Xbox and a half. Die-hard gamers will most likely shoulder the cost for that extra boost over the already-stellar graphics of the Xbox 360, but for the average consumer the PS3’s advanced technology isn’t likely to justify the cost. Both companies’ systems will be High-Definition capable, and most casual gamers will be unable to discern the difference between merely outstanding graphics and truly unbelievable ones.

Although the PS3’s price may appear prohibitively high, don’t bet on it preventing impressive sales figures. Fans loyal to the company and tech-savvy gamers are sure to generate more than enough demand for the much-anticipated system. At the same time, you won’t be seeing executives at Microsoft losing sleep over the release of PS3. The twelve-month jump that the Xbox 360 has had on its main competitor should not be taken lightly; PlayStation 2 owes a great deal of its success to precisely the same advantage over Xbox 2.

Much of the success of the new consoles now lies in the hands of the game manufacturers. Sony and Microsoft have provided an unprecedented amount of raw processing power, and it is now up to the game producers to figure out how to capitalize on that power. Popular franchises such as the Madden NFL series will be available on both consoles, but it remains to be seen which exclusive titles – such as Halo – will make or break system sales. Look for Konami’s Metal Gear Solid 4 to play a major part in PlayStation sales, and don’t be surprised to see Halo 3 outdo the phenomenal performance of its prequel. And, finally, keep an eye on Nintendo’s Wii. Its processor is less powerful and it isn’t DVD-compatible, but with an appealing $250 price tag and an innovative motion-sensitive controller, Nintendo is poised to make a major resurgence onto the U.S. gaming scene.

Regardless of which console emerges on top of the coming sales battle, gamers are guaranteed to be the biggest winners. The realm of possibilities opened up by the new systems is wider than ever before, and the games that will be released in the coming months are sure to blow away even the most experienced of gamers with their graphics and gameplay. Unfortunately prices aren’t likely to drop anytime soon, but if you’re a loyal gamer and you’ve got the money, you won’t be leaving the couch much this holiday season.