Hip - you are like me -- with two kids under 5 amongst other things :-D.
I got a 360 a year and a half ago after not playing my PS2 since my first daughter was born (3 years or so).
The 360 is my favorite toy ever. NHL08 is the best video hockey game ever. It even cured me of 1st person motion sickness. I was really not into them because of that problem. COD4 is amazing and cannot be done on a PS2.
Another thing you may not know about 360, PS3 and Wii that you will appreciate if you have one. -- Wireless Controllers.
Anyway, I can't recommend more the 360 and better yet getting it from Costco - Return Policy.