The periodic sales reports for the three video game console makers are often a bit confusing, each touting how wonderful their console is doing, and it takes a bit of parsing to figure out who actually sold more. Because more often than not, there's a lot of spin involved, with one company measuring sales from the console's launch, another the sales since the start of the year, another the dollar value of the sales... whatever it takes to show that you're number one.

Well, the Financial Times (subscription required) did some number crunching and compared apples to apples... and found a conclusive winner. According to the story (which is also summarized here for non-FT-subscribers at the 1up gaming site), since Microsoft's Xbox 360 was launched, 8.9 million units have been sold. And in the other corner is Nintendo's Wii, with 9 million units sold. The numbers look close, but when you take into consideration that Microsoft got a year-long head-start against Nintendo, Mario's come from behind amounts to a major smackdown.

By the way, Sony's PlayStation3 has only moved 3.7 million units, which was expected since the console has turned out to be an overpriced turkey. A rather embarrassing fall from the industry-leading PS2.

So what does this all mean? Let's try out a few theories.

1. Price matters. The Wii retails for $250, as it has since it was launched. That's very reasonable. The Xbox 360 debuted at $400 and only recently cut its price to $350. (There's also a "core" selling for $280 - with no hard drive - and an "elite" version for $450 after the recent cuts.) The PS3 also recently cut its price, to a still steep $500 from a what-were-they-thinking $600. If dollars are your only metric, the Wii wins. And folks, we live in a time of high gas prices, rising debt, a crunch in the home equity markets, and a general uncertainty about the future. Did I mention gas? Everything is more expensive. The harried parent trying to get as much out of the Christmas budget as possible will look at the choices and get the Wii.

2. Games sell the console. The blockbuster for the first Xbox was Halo, followed by Halo 2. Where's Halo 3? Answer: A year behind the launch of the console it was intended to sell. The console is a loss leader for the company, and it's the hits that drive the box sales. The Xbox 360 has a few good titles out: Gears of War got good reviews. Project Gotham Racing 3 looks impressive. Do they make me want to go out and get an Xbox 360? Not really. I can wait. And many are. Meanwhile Nintendo rolled out the Wii with the names Mario, Zelda and Smash Bros. Nintendo has a very deep well of product to draw from, and compared with its earlier GameCube, it brought out the big guns early. Microsoft does well, but its portfolio of exclusive titles is still shallow. Sure, you can get some exclusive content for the new Grand Theft Auto title on the Xbox 360 version. That won't sell the console to someone already leaning toward a PS3 or a new suped-up PC.

3. Games are supposed to be fun. Let's define "fun" here. I enjoy sitting on a couch and blowing away aliens or Russians or mercenaries or whatever just as much as the next guy who grew up on video games. I also enjoy playing outside, getting some exercise, and extending the fun to the parts of my body other than my thumbs. When you look at the new consoles rolled out by the various companies, they all took a different approach. Microsoft suped-up everything in the Xbox and made its online capabilities paramount. Smart move. Sony tied in its proprietary "Blu-Ray" high-definition DVD technology before the market had settled on either it or a competing standard. Not so smart. Nintendo got the gamers off the couch, but still playing their games. Brilliant. Swinging your own sword or tennis racket is more fun than pretending to. As this kind of technology improves, advantage Nintendo.

With those three going for Nintendo, it's no surprise that the Wii became the runaway blockbuster console. But the show's not over yet. Halo 3 comes out in two weeks. We'll see how the numbers match up after that.