The Xbox whoops the PS2 in the graphics department, hands down. Just look at Morrowind. Amazing game if you like RPGs, but even if you don't you have to be in awe of what the Xbox can do.
I bought an Xbox when it first came out and since sold it for financial reasons, but I loved it when I had it. I was getting pretty pissed at the lack of quality games, but soon after I sold it they released some sweet ones including Morrowind, Panzer Dragoon, Phantasy Star Online (which I never got to play on my beloved DC) Gunmetal, Gun Valkerie (hard, but oh so cool), Shenmue II (I loved the original on DC) and Unreal. Not to mention the upcoming Soul Calibur II (Soul Calibur on the DC was and still is the best fighter ever).
One of these days I'm going to get another Xbox and start rockin'!