Nintendo's Revolution is apparently a 'souped' up XBOX, with specs a lot lower than Sony and Microsoft's console offerings. IGN has more here.
Microsoft are being sued (no surprise there) over selling faulty consoles. Apparently in the rush to get as many units available as possible for launch day, they produced many 360s that overheat or have PSU problems. Read more here.
Retailers are also being blamed for the shortage of XBOX 360s. Amazon has issued £10 refunds to those that pre-ordered the console wayyyyyyyy back in August and still haven't received them. Microsoft made clear that there was a limited availability of console units, yet Amazon continued to sell pre-orders. Personally, I believe all the hype and media coverage, along with the bad press is actually a good thing. Look at all previous console launches - none went off without a bang.