On one hand, I get the frustration, because I've never really wanted a Microsoft console...save for a very small handful of exclusive games. These games are not, I believe, enough motivation to get a whole other console, and to pay for XBOX Live, if I'm barely going to use it.
On the other, I think exclusives give a console more "personality". I could barely tell the PS3 and the 360 apart, they had so many games in common. Meanwhile, with the XBOX and the PS2, you knew exactly why you got which console. They were aimed at different groups of people.