September 29th, 2001 Update:
Hopefully this will help in the coming months. For those who haven't been paying attention, here's the currently run down of the hardware market...
Dreamcast: Launched in the US on September 9th, 1999, the Dreamcast had some very quality titles, but after a few months third party developer support was getting thin. In Feburary of 2001 Sega's become a software only company and said they would stop supporting the Dreamcast after 2002. Currently Sega is still developing Dreamcast titles, and it has said it is going to support the Gamecube and the PS2.
Playstation 2: Debuted in the US October 27th, 2000 with much of a thud. Hardware shortages and lack of quality software hurt the PS2 for the first few months of it's life. However since second quarter 2001, the PS2 has seen the quality of it's library increase somewhat. With Sega throwing in the towel, Sony has had the majority of 2K1 with little threat from other companies. The PS2's killer apps are just around the corner (November for Metal Gear Solid 2, January for Final Fantasy X).
Gamecube: Launches in November 2001. Nintendo's pushed the November system launch like, two weeks, and Capcom has announced that the Resident Evil franchise will be home on the Cube. Aside from that, other titles we've seen of the Cube show that it's a gigantic leap from the Nintendo 64, but maybe not as big as from the NES to the SNES. The Cube launched in Japan earlier this month with modest success.
Xbox: Launches in November 2001. Microsoft also pushed back their November release of the Xbox by a week. Rumors have it that hardware will be sparce, ala the PS2's launch. Third party support is decent, however the majority of the games for the Xbox will be ports from other consoles/PC games, rather than exclusive titles. Games still look like ass, purportedly.
Others: The Nuon was vapor (of course), the Indrema was vapor (duh), but the Gameboy Advance did bring some cool stuff. Including a dark ass screen, and the ability to link up with the Gamecube to do some supposedly neat stuff.
That's how the market looks right now. This writeup will be updated to reflect the battle and outcome of this great struggle between consoles.