Here are some of my first thoughts on the three controllers (for the technological background also see the OP posts of the individual threads for these controllers in the Console Technology forum):
I think that generally, the Microsoft device is more impressive. It apparently generates a 3D field much like those laser tools that can 3D scan an environment. That allows for a great deal of cool things to be done with it. Also, it can apparently 'focus' on certain objects. So it's precision capabilities can be used to scan the whole room with a certain amount of 3d points scanned, and then the next time you can tell the software to focus on the area where you located hands for instance and scan them in more detail. Now scanning the whole field of vision of the camera apparently takes 5 frames, and then focussing on something in particular can take more or less time, I'm sure.
From the demonstrations its clear that they can take that 3d field and recognise and map objects, like a human body simplified skeleton (not sure how detailed they can get in practice straight up). They can focus on a face after some facial recognition and read emotions. And they can really scan in objects you hold up to the camera, which is pretty cool also. They can make a 3d map, and then read the actual RGB light to texture or paint the resulting 3d model - this was demonstrated a little already in the demo with the skateboard. The potential is pretty darn huge and awesome.
However, there's going to be a bit of lag - if the device needs 5 frames to scan the whole area, then there's more time needed for interpreting the resulting data. I don't know how fast they can do that, and if this analysis can be done on the camera (would make it a little more expensive) or whether the data is sent to the 360 for analysis there, but this could add some more frames. Let's be optimistic and say that they can keep it within 7 frames. If we assume 60 frames per second, then we're talking about 117ms of lag.
This is probably the main risk for some types of games, but doesn't have to be a real problem, and people's impressions of the live thing seem positive. A second potential problem is multi-player - online, the additional lag could become annoying. Also, offline, multi-player could make it harder to analyse the different players and is definitely going to decrease the available resolution that the players can be scanned with.
The Sony motion controller discussed here is, apart from obtaining the 1:1 motion control, focussed primarily on reducing lag to a minimum. I wouldn't be surprised if response is practically instantaneous and lag-free - think well within a frame. Also, gesture recognition processing is probably something that can run on a fraction of an SPU, maybe even the system reserved or shared one, and isn't going to have any noticeable performance impact on games.
There's an interesting additional advantage to Sony's approach though - it's very likely to be nearly 100% compatible with WiiMotionPlus. While this was a thought I've had earlier, just today I noticed an article on how the developer that provides the library for motion control on the Wii has already released a version for the PS3's controller, which includes the ability to simply 'record' a gesture that can then be recognised by the library and connected to a function. This means that developers who've invested time into developing a game for the Wii and particularly WiiMotePlus can very, very easily also release this for the Playstation (not to mention vice versa of course, but with WiiMotionPlus out now ... ).
This is particularly important because none of these technologies are included with the console by default, so that the initial market is going to be very, very small. In that respect, Microsoft's camera may be going up against WiiMotionPlus and PS3MC combined. In reality this may not be as strict - I can imagine that there will be applications where the camera will be 'compatible' with what the PS3 and WiiMote is doing - MS could even release empty sticks or sticks with just rumble that you hold and that the camera focusses on exclusively, but still it's going to be interesting. I can definitely see the camera as default control method for the next-gen though ... the question is how successful WiiMotionPlus and PS3MC (which by the way should be more precise and less laggy than WiiMotionPlus) will be in the meantime.