Well, given the choices in my previous entry, I finally made a decision to go with option 2. I told my boss. Then the lead for the project in choice #1 convinced me to change my mind and so I decided to go for the smaller, current-gen project. I told my boss again. He now has whiplash.
I'm now a Technical Director (well, as soon as our current project finishes anyway - "very soon now") Yippee!