FF1 and FF2 (originals) are being redone for the PS1 which will then be playable on the PS2. Xenosaga is coming out. Hack sign is coming out. FFX-2 is coming out. A new megaman is coming out. Devil may cry 2 is coming out. Silent Hill 3 is coming out.
It all comes down to games, don't focus on the graphics. I won't say which console has better games (as I havn't gotten an xbox YET). But I'd seriously suggest you take a look at some console magazines (gamepro/etc) and ebgames.com / ign.com and look at the games you think you would like to play. You should be able to get a good list of about 12 games you want to play on the system, and then you can go ahead and buy it knowing you've got stuff to look forward to.
Console picking should be as easy as this:
1. Write down the consoles your thinking about.
2. Research all the games you like and which console they play on.
3. Buy console that has the most games you will want to play.
Right now, I've got about 7 games on my PS2 that I havn't beaten yet, including Suikoden 3, tony hawk pro 4, ffx, dragon warrior (some number), blood omen 2, vice city and the list goes on. There is also a ton of games that are coming out that I will be ordering. So I am pretty content.
1 cool RPG looks like it will be coming out for the xbox, but I forgot the name. It is being made by the dude who made black and white and looks to have some surreal enviroments. It is too early for any decent previews though.